The Liberals and Nationals are trying every devious trick in the book to stop this banking inquiry bill from getting passed in federal parliament. Renegade LNP Member for Dawson in Central Queensland, George Christensen, confirmed today he will cross the floor to support Bob Katter who has led the charge against the unlawful and unethical conduct of banks. Every small businessman and farmer in Australia will benefit from this inquiry.
The People of Australia’s Commission of Inquiry (Banking and Financial Services) Bill 2017
The bill provides for the establishment of a Commission of Inquiry. The Bill invests the People of Australia’s’ Commission of Inquiry with the full powers of a Royal Commission as laid out in the Royal Commissions Act 1902. The Commission of Inquiry will inquire into unethical, unlawful and improper conduct in the banking, financial services and related sectors.
The purpose of the Bill is to fully expose and shine the light of public scrutiny on the unethical and unlawful conduct/practices in the banking and financial services industries and to put forward recommendations for reform.
Particular concern has been raised in relation to the conduct of service providers in the banking, superannuation, insurance and other financial services sectors.
Responding to numerous media reports, whistleblower disclosures and cases raised with Members of Parliament and Senators, there have been 37 reviews and inquiries into banking and financial services since 2010. However, none of these past reviews/inquiries have had the level of powers of a Royal Commission. These past reviews/inquiries have often not been independent, have been politicised and have had limited scopes of inquiry. This has led to little, or no, reform to the sector, nor justice for the victims. Nor has this led to the spotlighting of the malpractices, shortcomings and injustices of current financial practices.
The Commission of Inquiry will have the full powers of the Royal Commissions Act 1902 plus additional powers related to protecting whistleblowers. The Commission of Inquiry will report to the Parliament, as opposed to a Royal Commission which reports to the Executive arm of Government.
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