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.”