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EVAN JONES: The gaping hole in the Royal Commission’s final report.

The Banking Royal Commission’s Final Report has generated much froth and bubble in the media. Hayne has chosen to emphasise the sins of the finance sector in the ‘wealth management’ arena (financial advice, insurance, super – the last superficially). Media coverage has implicitly accepted Hayne’s priorities (nowhere defended); indeed, the media has itself set the scene over preceding years for these priorities.

Marginalised, in particular, are the domains of small business and family farmer lending. These two command a mere 10 of 580 pages! Upon reading the pages on small business lending I experienced revulsion and disbelief. And I am an outsider.  A small business victim reading these pages, life destroyed, would be reacting with fury. 

The text displays no understanding regarding the relationship between bank lender and small business borrower. It reminds me of banking law textbooks where statutes are described (at great length) as if they were automatically and successfully applied, with no description of the real world. We read …

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1 Comment

1 Comment

  1. Keith Antonysen

    February 9, 2019 at 7:53 am

    The Royal Commission certainly lifted many stones under which were scorpions, jack jumpers and snakes; yet, the means with which to deal with the vermin has hardly been stated. Prior to the Royal Commission, there was much evidence that the Banking sector was a mess; both major Parliamentary Parties were aware prior to the 2013 election. Minor Parties and Independents were calling for a Royal Commission into financial services years before the LNP finally relented. Labor had come to the conclusion that a Royal Commission was required sometime prior to the LNP. The LNP tried to block the creation of a Royal Commission until there was talk of LNP members crossing the floor.

    The New Daily indicated that the Final Report from the Royal Commission was underwhelming. Much vitriol emanating from the Royal Commission is somewhat meaningless without strong recommendations for criminal investigation. If an employee steals from a firm they can at best expect to be sacked. If A Bank steals from customers all they get a very strong tut tut.

    There needs to be strong mechanisms for victims of the Banks to be reimbursed.
    The major Political Parties need to focus on the needs of the electoral, rather than be so self involved, it applies mainly to the LNP.

    https://theconversation.com/a-history-of-failed-reform-why-australia-needs-a-banking-royal-commission-64803

    https://thenewdaily.com.au/money/finance-news/2019/02/05/banks-surge-asx-commission/?utm_source=Adestra&utm_medium=email&utm_campaign=PM%20Update%2020190205

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