Royal Commission – Banks and Financial Services

Since 2013, I have been contacted by and have continually met with many constituents who had been disadvantaged and mistreated by banks and financial services.

In my first term I joined the Joint Standing Committee on Corporations and Financial Services, and worked closely with many of my colleagues such as the previous member for Berowra, The Hon. Phillip Ruddock MP.

This committee concluded that many Australians are affected by banking misconduct as this issue has impacted many families in my electorate; this has become a very passionate issue of mine.

Over time, I have worked closely with the Prime Minister and Treasurer as well as many of my other colleagues on the matter of banking reform.

We have moved to establish a new one-stop shop to resolve customer complaints; significantly bolstered by the Australian Securities and Investments Commission’s powers and resources; created a framework to hold banking executives accountable for their actions; and acted to boost banking and financial services competition for the benefit of customers.

I have researched this issue and worked on it both independently and collaboratively, and I welcome the Prime Ministers announcement this morning of a Royal Commission into banking misconduct and other financial services.

The enquiry aims to:

  1. Action to Improve Professional Standards
  2. Action to Reduce Consumer Costs
  3. Action to Strengthen the Stability of the Financial System
  4. Action to Create Competition That Helps Consumers

The investigation will run for a period of 12 months with the final report due in the beginning of 2019.

I want to thank every one of my constituents who have raised an issue of banking misconduct, and I look forward to real results for those that have been through the system.