Labor fought hard for this Government to establish the Royal Commission into Banking and Finance industry. We don't trust the Government to implement the recommendations - they voted against the holding of a Royal Commission 26 times.
We know that the Prime Minister was one of the last to resist the Commission and that is why we intend to keep the pressure on to make sure that recommendations from Commissioner Hayne aren’t dismissed or swept aside.
Labor has a genuine commitment to reforming the financial services sector. We will continue to support the implementation of the Commission’s broad reforms that are necessary to stop the sort of misconduct that was exposed during the Commission’s hearings.
This involves ensuring that
- recommendations from the Banking Royal Commission are implemented;
- regulators do their job - including preparing briefs for prosecution of the unlawful acts exposed by the Commissioner;
- regulators adopt a more aggressive posture in uncovering and prosecuting unlawful behaviour in the future.
We will also consider additional proposals for regulatory reform carefully over time as we prepare our policies for the next election.
The financial services industry impacts every Australian household, whether it is through banking, superannuation or insurance and we agree that we need to ensure these services are providing the best outcomes and meeting the needs of all Australians.