LABOR is pushing to extend the Royal Commission into the banking sector, and held a public roundtable to hear stories from affected bank customers in Grovedale this week.<\/p>\n
The forum at the Grovedale Neighbourhood Centre featured Shadow Minister for Financial Services Clare O\u2019Neil and Corio federal member Richard Marles. Labor candidate for Corangamite Libby Coker was to host the event, but was delayed by travel.<\/p>\n
About 20 victims of banking misconduct and their representatives from as far away as Cairns, Terang, Camperdown, Wycheproof and Horsham attended the event, one of a series of roundtables Labor is holding across Australia.<\/p>\n
Ms O\u2019Neil said Labor \u201ccan\u2019t run a Royal Commission for the Royal Commission\u201d but the party was calling for the commission to be extended to allow more people to give evidence. An interim report was handed down in late September.<\/p>\n
\u201cThere were more than 10,000 (written) submissions, but only 27 people have had their stories told,\u201d Ms O\u2019Neil said.<\/p>\n
\u201cToday, I can\u2019t take on each of your cases and solve them, I can\u2019t commit to doing that\u2026 today\u2019s not so much about necessarily solving what happened to you but more about thinking about the future, what do we need to be thinking about, what does Labor need to be thinking about in the context of the Royal Commission, but more importantly, what should the rules look like? What do you think is going to make banking in this country fairer?\u201d<\/p>\n
A man from regional Victoria said financial redress should be part of the commission\u2019s final findings, which are due to be handed down in February.<\/p>\n
\u201cWhat we\u2019ve experienced goes on for a decade\u2026 moving forward, do not leave these victims behind.\u201d<\/p>\n
A National Australia Bank customer took aim at the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC) for their lack of enforcement action.<\/p>\n
\u201cAPRA is a do-nothing regulator, and ASIC is a do-hardly-anything regulator.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
LABOR is pushing to extend the Royal Commission into the banking sector, and held a public roundtable to hear stories from affected bank customers in Grovedale this week. The forum at the Grovedale Neighbourhood Centre featured Shadow Minister for Financial Services Clare O\u2019Neil and Corio federal member Richard Marles. Labor candidate for Corangamite Libby Coker […]<\/p>\n