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Scott Morrison open to banking tribunal proposal NATS were Rebels pre-election to capture farmer bank Victim VOTES. POST election they are Turncoats and have all been captured by Mad Mal and sidekick Dotty Scotty.
Australian Financial Review Aug 18 2016 6:33 PM
Phillip Coorey
Treasurer Scott Morrison has left open the prospect of establishing a tribunal to hear victim grievances against banks as he continues to ward off pressure for a royal commission into the institutions.
Mr Morrison said while he was not explicitly endorsing the proposal being pushed by members of the backbench, it had merit and warranted consideration.
"What I find helpful about these suggestions, whether that particular outcome is supported or not, is they're dealing with very specific problems," he told Sky News.
Mr Morrison said the boost the government gave earlier this year to the resources and powers of the Australian Securities and Investments Commission would deal with structural issues inside banks concerning financial advice and insurance.
The announcement two weeks ago that once a year, bank executives would have to appear before Parliament's House Economics Committee would deal with accountability and transparency concerns.
The tribunal proposal, he said, raised "quite a specific issue in relation to individual cases and importantly the mediation about how these things can be resolved".
The tribunal, which is being pushed hard by Queensland Liberal Warren Entsch and Nationals senator John Williams, was recommended in May by a Senate inquiry, led by South Australian Liberal David Fawcett.
Essentially, it would enable people to test grievances against a bank without having to pay, unlike if they had to go to court.
"It was a situation that if you want to see justice, you have to have money," said Senator Williams who, as a farmer, fought the Commonwealth Bank of Australia for almost a decade after taking out a farm loan in Swiss francs that charged interest rates that soared above 25 per cent.
"You can't go through the court system without money."
Senator Williams said the tribunal would "have teeth" and its rulings would be binding.
