Another day, another Protection Racket for Turnbull's Mates
After being dragged kicking and screaming to a Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which only was called after Malcolm Turnbull got the okay from the Banks, it is clear that round 2 is giving the banks an easy run.
The Royal Commission has a time limit of 12 months, and valuable time during today’s hearings began by re-hashing information from ASIC that we already knew.
Some shocking statistics were re-revealed; with a staggering 90% of financial advice to SMSF customers did not meet the best interest duty obligations.
Shockingly, 70% of ASIC reviewed files on vertical integration superannuation products, which most Australian’s have, were shown to not meet compliance with the best interest duty requirement.
After repeating for years the same line that ASIC were the regulator for these matters, Malcolm Turnbull needs to come out and explain why no action was taken once these rip-offs were known.
Maybe the fact that ASIC has been completely underfunded by the Turnbull Government, meaning that only 60 ASIC staff were forced to monitor 25,000 financial advisers in Australia, giving Turnbull’s mates another free kick.
This comes after the Government watered down Labor’s financial reforms, and not taking action as soon as these rorts were known.
Turnbull is completely out of touch with everyday Australians, allowing his mates in the financial industry to rip money out of the pockets of pensioners and families.
This Royal Commission has only come about because of Labor’s continued advocating after years of misconduct by the banks.
Labor will continue to work to ensure the Royal Commission delivers justice to the pensioners, families and small businesses that have suffered because of the misconduct in the banking and financial services sector.