Consumers have suffered long enough and now they have hope where there was none. These tough people lobbied both sides of politics and now this is not about the grubby politics out there and bankers interference's especially idiotic comments by Munchenberg etc.
Some-one gave these people a HELPING HAND UP and said YES ROYAL COMMISSION - Leader of Opposition Mr Bill Shorten said YES WE WILL and its long overdue!
Sometimes important issues take a little longer to lobby for Justice. This is a great moment for Consumers and for the nation's historical records where consumers, bathed in poverty, stepped forward and said ENOUGH is ENOUGH. Labor Shadow Ministry handed over that LIFELINE.
When the public realise how many Banker Scams were intertwined and the dirty dead brokering deals with Bankers: the uninformed Public will gasp in horror.
White Collar Criminals invaded our space!!! There are no prizes for second.
Our AUSTRALIAN Values are worth fighting for. TRUTH will always bubble to the surface...................
Opinion is divided regarding ALP leader Bill Shorten's call for a royal commission into Australia's financial services industry, should the party win the next election.
Written by Adrian Flores Monday, 11 April 2016
http://www.ifa.com.au/news/16001-isa-aba-divided-on-alp-calls-for-royal-commission#comment-15387
Opinion is divided regarding ALP leader Bill Shorten's call for a royal commission into Australia's financial services industry, should the party win the next election.
Industry Super Australia (ISA) believes the call for a royal commission is justified, saying the lack of community trust and confidence in 'scandal-prone' banks could infect public confidence in their lines of business in compulsory super.
"A royal commission will have to consider how broadly and deeply unethical conduct exists in their vertically integrated businesses, including their involvement in managing hundreds of billions of compulsory super savings on behalf of millions of Australians," an ISA statement said.
"Given compulsory super is a central piece of Australia's long-term economic and social policy, on balance, the answer may be to structurally separate banks and super."
Principal of law firm Maurice Blackburn Kim Shaw said the royal commission is a long overdue, necessary and welcome measure.
"The personal costs of the industry's behaviour for people affected - many who are highly vulnerable, under significant financial pressures or very unwell - cannot be overstated," he said.
"It is absolutely critical that all sides of politics support this Royal Commission."
However, the Australian Bankers' Association (ABA) believes a royal commission is unnecessary and a waste of taxpayer funds.
ABA chief executive Steven Munchenberg said it would have international ramifications for Australia.
"Banks are particularly concerned that a call for a royal commission will send alarm signals to international investors about Australia at a time of global volatility," Mr Munchenberg said.
"Australia's banks are already highly regulated. Banks have also just contributed to a comprehensive review of the financial system and are now implementing recommendations from the Financial System Inquiry to ensure the integrity of the system into the future."
Mr Shorten said that many Australians have suffered through the decisions of banks and financial institutions.
"Retirees who have lost their retirement savings, small businesses who have lost their livelihood, Australian
families who have lost hundreds of thousands of dollars, life insurance beneficiaries, denied justice and
legitimate claims," he said.