Fed­eral Mem­ber for Mac­quarie

Su­san Tem­ple­man MP

Hills to Hawkesbury Living Magazine - - Local Politics -

ROYAL COM­MIS­SION AN­NOUNCE­MENT A WIN FOR MAC­QUARIE

Af­ter 601 days of La­bor call­ing for a Royal Com­mis­sion into the banks and fi­nance sec­tor, the Prime Min­is­ter and Trea­surer fi­nally an­nounced they would hold one.

What’s not clear is whether it’s the Royal Com­mis­sion that we want.

It is ex­pected to in­ves­ti­gate the con­duct of banks, wealth man­agers, su­per­an­nu­a­tion providers and in­sur­ance com­pa­nies. The in­clu­sion of the in­sur­ance sec­tor in this Royal Com­mis­sion is a big win for bush­fire prone areas like the Hawkes­bury and the Blue Moun­tains. Many peo­ple who went through the 2013 Blue Moun­tains bush­fires have a real un­der­stand­ing of how the in­sur­ance sys­tem failed them as they at­tempted to make a claim to re­build their home.

But the Gov­ern­ment has failed to con­sult with the vic­tims of bank­ing and fi­nan­cial scandals in pre­par­ing the guide­lines for the in­quiry.

La­bor promised a Royal Com­mis­sion into the banks at the last elec­tion, and we have con­tin­ued to pres­sure the Turn­bull Gov­ern­ment into hold­ing one be­cause it is the right thing to do. The Prime Min­is­ter fi­nally caved in but for all the wrong rea­sons – he’s do­ing it not be­cause the vic­tims asked him to, but be­cause the banks asked, and we now need to make sure that the Turn­bull Gov­ern­ment does it right.

Mr Turn­bull has al­ways been on the side of the banks. Now it’s time for him to be on the side of the con­sumers.

For a suc­cess­ful and com­pre­hen­sive Royal Com­mis­sion now to oc­cur, it is crit­i­cal that vic­tims groups, the Op­po­si­tion and other stake­hold­ers are for­mally con­sulted on its Terms of Ref­er­ences.

I will be fight­ing to en­sure that any un­scrupu­lous con­duct of banks, the fi­nan­cial ser­vices sec­tor and in­sur­ance com­pa­nies is brought to light in this Com­mis­sion.

This Royal Com­mis­sion should not be driven by a de­sire to give banks and in­sur­ance com­pa­nies some sort of tick of ap­proval, but for a de­sire to see jus­tice for in­di­vid­u­als and busi­nesses who’ve been sys­tem­at­i­cally mis­treated by these pow­er­ful in­sti­tu­tions. It’s about us as cus­tomers and about restor­ing trust in the fi­nan­cial sec­tor.

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