Morrison to Bowen on RC – thanks, but no thanks
The Federal Government has signalled that it will not necessarily be adopting a bipartisan approach to setting the terms of reference for the Royal Commission into the Banking and Financial Services industry despite overtures from the Australian Labor Party and the Greens.
The Federal Treasurer, Scotto Morrison sent a strong signal that the Government would be plotting its own course on the terms of reference when he told a Canberra press conference that while he he had received a letter from the Shadow Treasurer, Chris Bowen, he did not think the Labor Party had a lot to offer.
Further, he said Bowen was free to release the Government’s written response to the Opposition’s overtures.
“I responded to Chris Bowen on those matters. They haven't had a terms of reference for two and a half years. I mean, taking economic advice from the Labor party is like asking a drunk driver to give you driving lessons,” Morrison said.
“I don't think they [Labor] have a lot to offer here, they have not been able to offer a terms of reference for two years. I've responded to his letter and if he wants to release that, he's welcome to, but we are finalising the terms of reference and the letters patent and that's been done through the normal process.”
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
