BANKING ROYAL COMMISSION MUST INCLUDE CSC IN TERMS OF REFERENCE

Labor has written to Treasurer, Scott Morrison and Minister for Veterans’ Affairs, Michael McCormack backing calls by ex-service organisation to include the Commonwealth Superannuation Corporation (CSC) into the Terms of Reference for the Royal Commission into the misconduct in the Banking, Superannuation and Financial Services Industry.

While the Turnbull Government made it clear they wanted superannuation to be examined by the Royal Commission they have neglected to include CSC- a significant player in the superannuation sector especially for our current and former Australian Defence Force (ADF) personnel.

 

Labor has listened to calls from the National Returned and Services League (RSL) and the Alliance of Defence Services Organisations (ADSO) who have also raised their concerns about the exclusion of the CSC from the Terms of Reference.

 

In neglecting to include CSC from the Terms of Reference our service men and women cannot be satisfied that CSC is working in their best interests.

 

If the Turnbull Government believes superannuation needs to be examined by the Royal Commission then they need to amend the Terms of Reference to include CSC.

 

Labor is committed to ensuring the Royal Commission delivers justice to all families and small businesses that have suffered because of the misconduct in the banking and financial services sector.