The Federal Nationals have today welcomed the Prime Minister’s announcement of a Royal Commission into banks and financial services.
This comprehensive inquiry became necessary to restore trust and confidence in Australia’s banking and financial sector following years of concerns, particularly in rural and regional communities, about alleged misconduct and unethical behaviour by the banks.
The Nationals will always fight for the regional communities and rural industries we represent and we believe today’s announcement reflects our commitment and the government’s commitment to those communities and industries.
Despite the government putting in place a number of inquiries over recent years to examine and improve the conduct of our financial sector, it was clear there remained widespread community concern that only a Royal Commission could address.
A Royal Commission will put an end to the uncertainty and doubts about the misconduct of our banking and financial services industries once and for all.
Importantly, the Royal Commission will look at a range of financial services including banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). It will also consider how well equipped regulators are to identify and address misconduct.
For more information about the Royal Commission, including the Draft Terms of Reference, visit http://sjm.ministers.treasury.gov.au/media-release/124-2017/