FACT: The House of Representative should at this very moment be debating two critical Banking Royal Commission Bills which protect every day Australians from unfair contract terms and dodgy funeral insurance providers as per the Government’s own forward program.
FACT: These bills that also provide ASIC with stronger enforcement powers that they have been waiting for, for two years have been pulled in favour of reintroducing the Ensuring Integrity Bill and today gagging parliament.
FACT: Claims handling legislation (Financial Services Royal Commission Recommendation 4.8) is clearly marked on the Government’s own go-slow roadmap on page 8 under “legislation to consulted on and introduced” by the end of 2019. It has not been introduced into the parliament.
FACT: It has been 308 days since the Banking Royal Commission Report was handed down.
FACT: The Government have implemented a pathetic 6 of 76 of the Banking Royal Commission Recommendations.
FACT: This means Australians are going into the Christmas break:
- With no protections from unfair insurance contracts.
- Families who suffer claims handling issues – from bushfires, hailstorms, or other disasters - will be left without protection.
- Car dealers will still be able to claim commissions on dodgy add-on insurance products.
- Industry codes of conduct will remain completely unenforceable.
- ASIC will lacks essential enforcement powers.
- No compensation scheme of last resort will in place for distraught customers.
- No new disciplinary system will punish unscrupulous financial advisers.
- Mortgage brokers will have no duty to act in the best interest of their customers.
- Unscrupulous operators will be able to hawk junk insurance over the phone.
FACT: Scott Morrison and the Liberals voted against the Royal Commission 26 times and are dragging its feet on implementing the Commission’s recommendations.
THURSDAY, 5 DECEMBER 2019