Green's demand finance industry summit into banking sector


Green's banking spokesperson Adam Bandt has called on the Federal Government to hold a finance sector job summit after the ANZ's decision to cut around 1,000 jobs.
The Federal member for Melbourne has demanded that a roundtable discussion take place between the four major banks and the Government to ensure "workers aren't being sacrificed for the sake of excessive profits".
"A thousand jobs in finance should be just as important as a thousand jobs in manufacturing," Bandt said.
"The banks are out of control, taking public support when times are tough and making huge profits, then slashing their workforce."
The Treasurer Wayne Swan needs to act on the inflexibility of Lenders Mortgage insurance by backing the Green's Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Act 2011. This would allow insurance to be refunded when customers switch banks and improve competition in the lending market, Bandt said.
Specifically, the bill has proposed that "on termination of a credit contract, any mortgage indemnity insurance contract relating to the contract is also terminated" and within 28 days of that termination the credit provider must "pay the debtor, or credit the debtor with, a rebate of premium paid under the contract".
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.