Great idea I think not.......tax the banks who will pass it on to consumers???
RC on the agenda ‘in years to come’?
People like us are sacrificial lambs for what the Banker mates who own the
Libs got away with the help of e-commerce.....fraud AND error... Consumers
ripped off $100,000 each by the Bank Cartel and banks pay the Liberal Party!
Great cycle.....They jointly created the Consumers vs Bank Wars........................
Government to boost ASIC powers and funding
Updated: 9:20 am, Wednesday, 20 April 2016 -
http://www.skynews.com.au/news/top-stories/2016/04/20/government-set-to-unveil-asic-changes.html
The corporate regulator will get extra powers and an additional commissioner to specifically investigate the misdeeds of banks and other financial services institutions.
And the industry will foot some of the bill.Prime Minister Malcolm Turnbull says the Australian Securities and Investment Commission will be given a 'sharper edge' to investigate wrongdoings.
'We are ensuring ASIC has the tools and resources to do its job,' he told Adelaide radio 5AA.
Assistant Treasurer Kelly O'Dwyer confirmed the government would require larger industry contributions to pay for measures to be unveiled on Wednesday.
'The banks needs to bear more of the burden,' she told ABC radio.
The measures, which include strengthening the regulator's surveillance powers, would make sure ASIC was a 'very tough cop on the beat' as well making it 'incredibly strong' in dealing with consumer issues.
The regulator's product intervention powers will be strengthened and greater enforcement options with increased penalties and consumer protections will be introduced.
An additional ASIC commissioner, one with experience in prosecuting financial crimes, will be appointed.
The government is also looking at creating a one-stop shop for consumers to make complaints about financial institutions.
Both Mr Turnbull and Ms O'Dwyer insisted the government was responding to a capability review of ASIC and the Murray inquiry into Australia's financial system and not calls for a royal commission.
The government is under pressure from Labor, voters and even its own MPs to pursue the banks over a series of scandals and misdeeds.
Despite polls showing six out of 10 voters back Labor's call for a royal commission, Finance Minister Mathias Cormann insisted people wanted action and not another inquiry that would not reveal anything new.
'They want us to take action and ASIC, of course, does have all of the investigative powers over a royal commission,' he told ABC TV.On top of that it had the power to prosecute offenders.
Opposition Leader Bill Shorten accused the government of holding secret talks with the banks to to nut out a plan to avoid a royal commission.
In an opinion piece penned for the Daily Telegraph he said the misdeeds of the banks included forged signatures, tampered documents, sham contracts and fake witnesses.'
Tens of thousands of Australians have been ripped off by our financial institutions - enough is enough,' he wrote.
Nationals senator John Williams isn't backing away from his support for a royal commission, but welcomes the government move to boost ASIC's power and funding.
'This is a step in the right direction,' he told ABC radio, adding a royal commission might be on the agenda in years to come. -
See more at: http://www.skynews.com.au/news/top-stories/2016/04/20/government-set-to-unveil-asic-changes.html#sthash.FCps4Bit.dpuf