Thursday, 1 September 2016
Banking and Financial Services; Consideration of Senate Message
I have received the following message from the Senate:
The Senate transmits to the House of Representatives the following resolution which was agreed to by the Senate this day:
(a) the Senate notes that:
(i) confidence and trust in the financial services industry has been shaken by ongoing revelations of scandals, which have resulted in tens of thousands of Australians being ripped off, including:
(A) retirees who have had their retirement savings gutted,
(B) families who have been rorted out of hundreds of thousands of dollars,
(C) small business owners who have lost everything, and
(D) life insurance policy holders who have been denied justice;
(ii) it is clear from the breadth and scope of the allegations that the problems in this industry go beyond any one bank or type of financial institution,
(iii) the Australian Labor Party, the Australian Greens, crossbench, Liberal and Nationals parliamentarians have supported a thorough investigation of the culture and practices within the financial services industry through a Royal Commission, which is the only forum with the coercive powers and broad jurisdiction necessary to properly perform this investigation, and
(iv) Australia has one of the strongest banking systems in the world, but Australians must have confidence in their banks and financial institutions, making it necessary to sweep away doubt and uncover and deal with unethical behaviour that compromises that confidence;
(b) the Senate calls on the Prime Minister to request His Excellency the Governor-General of the Commonwealth of Australia issue Letters Patent to establish a Royal Commission to inquire into misconduct in the banking and financial services industry, including their agents and managed investment schemes; and
(c) this resolution be communicated to the House of Representatives for concurrence.
Notice of motion altered on 31 August 2016 pursuant to standing order 77.
The Senate requests the concurrence of the House of Representatives in this resolution.