THE PROTECTION RACKET HAS GOT TO STOP

The ASIC report into compliance with breach reporting obligations released today is yet another damning indictment on the big banks and the Liberal Government. The report reveals shocking, widespread non-compliance by banks with their legal obligations. It also reveals that Australians have been ripped off to the tune of $500 million by illegal bank conduct since 2014.

 

Scott Morrison and the Liberals have refused to act on this issue despite a report in December 2017 recommending urgent changes to tighten up these laws. They have been sitting on the ASIC Enforcement Taskforce report for 9 months while these laws continue to be broken by banks.

 

This is shocking – but hardly surprising – from a Government that only cares about the top end of town.

 

Scott Morrison and the Liberals have done everything they possibly can to protect the big banks and cover up their misconduct.

 

The Liberals ran a protection racket for the big banks over 600 days. Prime Minister Scott Morrison voted against setting up a Royal Commission 26 times. And even when they knew about the awful misconduct in the banking sector, they spent a year trying to reward the big banks with a $17 billion tax cut.

 

All the while, Australian families suffered at the hands of dodgy financial service providers.

 

Only Labor can be trusted to stand up for Aussie customers and businesses by cracking down on misconduct in the financial services sector.