The Financial Services Union (FSU) has called for a time extension for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, saying that more time is needed to fully explore the “alarming” level of misconduct already revealed in hearings.
The FSU said that Commissioner Kenneth Hayne QC should be given “all the time he needs” to examine the nature and causes of the extensive misconduct already exposed by the Commission.
“What we are hearing day in and day out through this Royal Commission has not been uncovered through any of the previous inquiries into the industry. The Royal Commission must be able to continue for as long as is required to ensure that the cultural and systemic issues littered throughout the industry are exposed,” FSU national secretary, Julia Angrisano, said.
More time would also be needed to uncover all the problems in the industry, including across more institutions than those under scrutiny.
“If anyone thinks that the issues being uncovered through these case studies are limited only to the institutions that the Commission has focused on, they are not paying attention,” Angrisano said.
“What the Commission has revealed so far is that their case studies are uncovering only a small part of the problems with the industry.”
