Tuesday, 14 August 2018
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
That the Senate—
a. notes that:
i. the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) has received more than 6 800 submissions,
ii. the Royal Commission is underfunded and does not have adequate time to hear submissions from many regional farmers, and
iii. as reported in The Australian, on 26 June 2018, the Royal Commission's Letters Patent are drafted in a way that excludes receivers, administrators and insolvency professionals who often act unconscionably and unethically towards farmers; and
b. calls on the Federal Government to:
i. facilitate the amendment of the Letters Patent to include examination of the conduct of administrators, receivers, controllers, restructuring advisors, turnaround advisors, pre-insolvency advisors or insolvency practitioners, particularly when these entities act against farmers,
ii. facilitate the amendment of the Letters Patent to include the Commonwealth Superannuation Corporation,
iii. facilitate the amendment of the Letters Patent to include the Dispute Resolution Process of financial service entities,
iv. extend the final reporting period by 12 months to enable the Royal Commission to hear more submissions, and
v. increase funding to the Royal Commission to enable it to hear more submissions.
While established by the government, the royal commission is independent of government, and the specific matters that the commission may decide to examine will be the commission's alone. The commissioner may, under provision (a) of the letters patent, consider the actions of anyone acting on behalf of financial service entities. The government would consider any request by the independent royal commission.
Question agreed to.