Tuesday, 12 February 2019
Questions without Notice
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
I thank the member for her question. There is only one side of politics—that is, this side of the House—that is getting on with taking action on the 76 recommendations. Those opposite, who demanded that the report be put out immediately so that they could immediately respond to it, have had the report now for eight days and there is no response. Let me read to you what the member for Hotham said eight days ago: 'We will implement every single recommendation that is in the royal commission's report.' Where is the response? Let's see if the Labor Party abandons the 26,000 Australians working with mortgage brokers. Let's see if the Labor Party ignores the recommendations of the Productivity Commission and what they said about what it would mean for competition if you got rid of the fee model for mortgage brokers.
At the end of the day, we on this side of the House have taken a responsible, cautious approach, and we are taking action on all 76 recommendations. But, what is more, Commissioner Hayne has endorsed the work of the now Prime Minister and then Treasurer in bringing in place the Banking Executive Accountability Regime, by saying that it should not only be enforced within banks but be extended to insurance and superannuation funds as well, and he has endorsed the work that we have done in relation to the Australian Financial Complaints Authority, because that policy that's been put in place—and I commend the member for Higgins and the now Prime Minister for the work that they did—is providing an opportunity for people to be heard. We're even going further than the Hayne royal commission, ensuring that we put in place a compensation scheme of last resort and that, for the next 12 months, AFCA will be able to hear the concerns of misconduct by people going back a decade, not just the six years which is currently in place. We have legislation before this parliament that the Labor Party can support which will ensure that directors of superannuation funds will face a civil penalty, and we will also be amending this legislation to include the Hayne royal commission recommendation that trustees of super funds will also face those civil penalties. So, if the Labor Party want to get on and implement the Hayne royal commission recommendations, they should get on and support our legislation that is currently before the parliament.