Llew O’Brien welcomes Banking Royal Commission

Published: Comments:
Australian Government Community Money & Finance Political

Social:   

Federal Member for Wide Bay, Llew O’Brien has welcomed the Coalition Government’s commitment to conduct a comprehensive inquiry into the banking, insurance, superannuation finance and wealth management industry.

“The Liberal Nationals Government has listened and is now acting on the concerns of my constituents, the community and the industry,” Mr O’Brien said.

“While the terms of reference are yet to be confirmed, I congratulate the Prime Minister, Malcolm Turnbull for promising a comprehensive inquiry.  I trust that the terms of reference will be sufficient to accommodate the matters that have been raised with me, and I have raised with the Government.

“I also thank my Parliamentary colleague, Senator Barry O’Sullivan, for his work in highlighting the issues and concerns about the industry and taking these to the Government.

“This process is about building a better, more responsive and more accountable banking and finance industry.

“We’ve heard the countless reports of misconduct, breaches and predatory behaviour that has plagued the industry for many years.  That behaviour must cease and a Royal Commission is the best way to make that behaviour stop.

“Royal Commissions transform secretive entities into accountable and dynamic organisations and restore public faith and confidence in them.  Royal Commissions also successfully improve the culture of organisations by shining a light on improper practices, and making recommendations to ensure the mistakes of the past are not repeated.

“The banking and finance industry holds a very special position in our society and we need to ensure our continued confidence is justified.  I expect this Royal Commission to remedy the errors of the past to give the public the confidence it needs to have in these fundamental economic institutions so they meet community expectations.”

Mr O’Brien has been considering the matter for many months and had been engaged in consultations with constituents, colleagues and other stakeholders.

“There is clear evidence that many people all over Australia are frustrated by their experience with the industry and have been left hurt by practices which have eroded the trust of the public.  The problems are many and varied and keep on recurring and the best way to focus the industry's attention on the consumer is through this Royal Commission.

“The Royal Commission now takes politics out of the issue and puts it in the independent hands of the experts.”

 
Llew O'Brien MP : View Full Profile
PO Box 283, Gympie
1300 301 968
Llew O'Brien MP
Showing 10+ recent articles for this business
Christmas message from Llew O'Brien 15 December 2017 | I would like to extend my best wishes to everyone in Wide Bay for a safe and merry Christmas and a happy New Year. More information...
Stronger Communities grant to help Wide Bay Motor Complex accelerate growth 12 December 2017 | Wide Bay Motor Complex near Maryborough will be able to fit out its new shed and purchase equipment to maintain its grounds after receiving $16,362 through round three of the Stronger Communities Programme, Member... More information...
Support small business and shop local this Christmas 11 December 2017 | Shhh, don't tell Santa – Federal Member for Wide Bay Llew O'Brien is backing small Wide Bay businesses this Christmas, and he encourages you to do the same by shopping local. More information...
Dreamtime delegates visit Wide Bay during business events showcase 06 December 2017 | The natural beauty of Wide Bay is on display this week as Dreamtime delegates from India visit Fraser Island and Noosa, while Brisbane hosts Tourism Australia's signature business events showcase, Dreamtime. More information...
Stronger Communities Grant to help Little Haven Palliative Care 06 December 2017 | Little Haven Palliative Care in Gympie will be able to upgrade its patient lounge and meeting room after receiving $14,980 funding through round three of the Stronger Communities Programme, Member for Wide Bay... More information...
Wide Bay’s sporting champions recognised by Llew O’Brien 04 December 2017 | Federal Member for Wide Bay Llew O’Brien today announced the latest round of successful applicants from the Coalition Government’s popular Local Sporting Champions program. More information...
Get in quick, grants backing smart farms in Wide Bay closing soon 04 December 2017 | Farmers, fishers, community and industry groups in Wide Bay need to be quick if they want to submit an application for the first round of the $50 million Smart Farms Small Grants – applications close at 2pm AEDT... More information...
Medicare is stronger than ever and patients in Wide Bay are benefiting 01 December 2017 | A record 86.3 per cent of patients in Wide Bay were bulk-billed when visiting their GPs during the September quarter, showing more people than ever before are benefiting from the Coalition Government's commitment... More information...
Tribute to Clarrie Millar 30 November 2017 | Former Deputy Prime Minister, Hon. Warren Truss, today paid tribute to his predecessor as Member for Wide Bay, Clarrie Millar, who died in Brisbane on Tuesday evening aged 92. More information...
Llew O’Brien welcomes Banking Royal Commission 30 November 2017 | Federal Member for Wide Bay, Llew O’Brien has welcomed the Coalition Government’s commitment to conduct a comprehensive inquiry into the banking, insurance, superannuation finance and wealth management indu... More information...



Social:   
comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service