Financial Services

The majority voted in favour of a motion to establish a Royal Commission into misconduct in the banking financial services sector. The motion was introduced by Greens Senator Peter Whish-Wilson.

Motion text

That the Senate—

(a) notes:

(i) the recommendations of the 2014 Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission,

(ii) the misconduct that has been uncovered in the financial planning arms of the Commonwealth Bank of Australia, National Australia Bank, ANZ Bank and Macquarie Bank,

(iii) that IOOF are being investigated for insider trading and front-running,

(iv) That the insurance arm of the Commonwealth Bank is alleged to have unfairly and fraudulently denied life insurance claims,

(v) that court proceedings have been initiated against ANZ Bank and Westpac for manipulation of the bank-bill swap rate, and

(vi) the lending practices of ANZ Bank and Bendigo Bank that contributed to the collapse of forestry managed investment schemes;

(b) calls on the Government to establish a Royal Commission into misconduct in the banking financial services sector; and

(c) notes That the Australian Greens moved a motion for the Senate to support a Royal Commission on 24 June 2015.