Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bank behaviour warrants royal commission: Ripoll

There is simply “too much evidence” that a royal commission into the Australian banking sector is required, says former Labor federal politician Bernie Ripoll.

Asked at the InvestorDaily Wraps, Platforms and Masterfunds Conference in the Hunter Valley if he thought a royal commission was needed, Mr Ripoll gave an unequivocal “yes”.

“I’m just going to answer this plainly and say, yes, I think we’re at that place now,” he said.

“There’s just too much evidence and I think, too, it’s not just my view and it’s not just the Labor Party’s view — it’s the natural majority that’s contained in Parliament.”

If a free vote on the issue were to be called in Parliament today (18 August), Mr Ripoll said, the move would “definitely get up”.

Advertisement
Advertisement

Mr Ripoll noted that the Australian financial services sector has undergone 37 inquiries in the last decade alone, but that many were still calling for more review and reform.

The form a royal commission would take, however, remains difficult to predict, Mr Ripoll said, but he cautioned that it would be a difficult process for the whole financial services sector.

“We call it a banking royal commission, but it’s actually a review into the financial services sector; it will be able to deal with things that haven’t been dealt with,” Mr Ripoll said.

“Will it be painful? I’m sure it will be, but there are things being uncovered now that I think warrant that extent of investigation to see whether there’s something a bit more systemic.”

[Related: CBA cuts exec bonuses]

PROMOTED CONTENT


Bank behaviour warrants royal commission: Ripoll
mortgagebusiness

Latest News

Increased property price caps for those purchasing homes using the First Home Loan Deposit Scheme and the Family Home Guarantee from 1 July ...

Despite a tumultuous 12 months for the Australian property market, CoreLogic has reported that house or unit median values ticked over the m...

CBA has sold its Australian general insurance business to South African insurer Hollard Group and entered a 15-year distribution deal. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

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