Retirement
Banking royal commission needed, says former pollie
The “disappointing” behaviour exhibited in Australia’s banking sector is more than enough to justify a royal commission, a former Labor politician has said.
Banking royal commission needed, says former pollie
The “disappointing” behaviour exhibited in Australia’s banking sector is more than enough to justify a royal commission, a former Labor politician has said.
Speaking at the Wraps, Platforms and Masterfunds conference last week, Bernie Ripoll was asked if he thought “maleficence by the banks” was of such an order that a royal commission was needed, to which he replied with a blunt ‘yes’.
“I’m just going to answer this plainly and say yes; I think we’re at that place now,” Mr Ripoll told the audience.
“There’s just too much evidence and I think, too, it’s not just my view and it’s not just the Labor Party’s view, it’s the natural majority that’s contained in Parliament.”
Mr Ripoll, who previously led the financial services inquiry that prompted the Future of Financial Advice (or FOFA) reforms, believes that sentiment towards a royal commission is so positive that if it were put to a free vote in Parliament today the motion would win “easily”.
“There’s just that natural majority, and I think one side is way too committed to having it not go ahead, so I think that inevitability means that will happen,” he said.
“I certainly know what the community wants.”
Mr Ripoll said that while the inquiry would be referred to as a ‘banking royal commission’, its influence would likely extend beyond the banking sector and into financial services such as advice and insurance.
“We call it a banking royal commission, but it’s actually a review in to the financial services sector, it will be able to deal with things that haven’t been dealt with,” he said.
“Perhaps that’s disappointing — it is disappointing, but it’s disappointing these things have taken place.”
RELATED ARTICLES
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
