Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Bank behaviour ‘disappointing’, says shadow minister

A senior government official has delivered an update on the latest financial policies installed by Labor officials, calling out instances of bank misconduct as “disappointing”.

Speaking to a roomful of financial services professionals at the FSC BT Political breakfast series on Friday, Senator Katy Gallagher emphasised that Labor’s decision in April to call for a royal commission into the banking and financial sector “was not taken lightly”.

The shadow minister for small business and financial services and senator for ACT emphasised that the decision was made with the aim of ensuring that any systemic issues in the industry are addressed in a “thorough and transparent way”.

Advertisement
Advertisement

“I know that the Financial Services Council (FSC) and everyone here today feels disappointed and let down by the instances of misconduct and unethical behaviour that have come to light,” Ms Gallagher said.

“While I know that the FSC is on the record as opposing a royal commission, I know we share a common understanding of the importance of strengthening consumer confidence and trust in our financial services sector, particularly given that all Australians rely on it.

“Despite our difference on the issue, we do recognise the proactive steps that the FSC is taking to improve trust and consumer outcomes,” she concluded.

[Related: Mistrust of banks has become ‘entrenched’, says Turner]

Bank behaviour ‘disappointing’, says shadow minister
mortgagebusiness

Latest News

The economy contracted by 0.3 per cent in the March quarter, ending Australia’s 29-year period of economic expansion, with Treasurer Josh...

A 20 to 30 per cent fall in residential property prices is “unlikely” in the absence of a “second wave” of the coronavirus outbreak,...

The major bank has announced its intention to sell its New Zealand-based asset finance business, UDC Finance, for NZ$762 million ($706 milli...

FROM THE WEB
podcast

LATEST PODCAST: Property remains a stable asset despite cautious market

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.