Today marks the one year anniversary of the release of the Financial Services Royal Commission final report.
The Liberals and Nationals never wanted a Royal Commission into banking misconduct and now they are dragging their feet on implementing the recommendations.
One year after receiving the final report, just 6 of 76 recommendations have been fully implemented.
The Liberals’ and Nationals’ inaction on banking reform means that:
- Families who suffer claims handling issues from devastating bushfires, hailstorms or other extreme weather events this summer will be left without protection. The Morrison Government missed their own deadline to introduce this legislation by the end of 2019.
- No compensation scheme of last resort is in place for distraught customers.
- No new disciplinary system is in place to punish unscrupulous financial advisers.
- Mortgage brokers have no legislated duty to act in the best interest of their customers.
- Unscrupulous operators will be able to hawk junk insurance over the phone and car dealers will still be able to claim commissions on dodgy add-on insurance products.
- ASIC lacks essential enforcement powers and industry codes of conduct remain completely unenforceable.
The Morrison Government has a dismal record when it comes to going soft on the banks.
Labor led the way on calling for the Royal Commission while Scott Morrison resisted it for two years and voted against it 26 times.
Not even the full horror of the Banking Royal Commission which revealed a culture of appalling rorts and rip-offs was enough to spur the Liberals and Nationals into fast-enough action.
The Morrison Government dithered and delayed for six months after receiving the final report, only to release an implementation timetable in August which has already been ignored.
Scott Morrison and Josh Frydenberg pretended to care about the recommendations of the Banking Royal Commission to get themselves through an election but were more than happy to leave Australians without protection over the summer.
It is time the Liberals and Nationals stopped playing politics and focused instead on restoring confidence in the financial sector and delivering long overdue legislation that will give Australians the protection they deserve and were promised.