O’Dwyer labels Royal Commission a fishing expedition

Royal-Commission/Kelly-O'Dwyer/finance/

27 July 2017
| By Mike |
image
image
expand image

The Royal Commission into the banking and financial services industry being pushed by the Federal Opposition leader, Bill Shorten, is “an inquiry looking for something to inquire about”, according to the Minister for Revenue and Financial Services, Kelly O’Dwyer.

Addressing the Financial Services Council’s (FSC’s) Leaders’ Summit in Sydney, O’Dwyer sought to push back on the announcement by the Shadow Treasurer, Chris Bowen that a Federal Labor Government would use such a Royal Commission to then generate a thorough a review of the financial services regulatory framework.

O’Dwyer suggested that the worst of the scandals in the financial industry were in the past, stating “Trio Capital, Great Southern and Storm Financial happened in the years after the global financial crisis (GFC) and under the former Government. Not caused by them, but certainly on their watch”.

She said there had been a host of actions, inquiries and new bodies set up by the Coalition Government in response to those scandals but the Labor opposition was failing to acknowledge what the Government had done to fix the excesses of the past and prevent them from happening again.

“They are moving the goalposts of their proposed inquiry to new areas such as FinTech and looking at how our regulators work,” she said.

“The Royal Commission has become an inquiry looking for something to inquire about,” O’Dwyer said. “We don’t want to see a repeat of these scandals. But nor do we need a formal, legalistic, endless talkfest following on from the sensible and considered reviews and reforms the Government has already put in place. What we need is the Government to take action now.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS