O’Dwyer labels Royal Commission a fishing expedition

The Royal Commission into the banking and financial services industry being pushed by the Federal Opposition leader, Bill Shorten, is “an inquiry looking for something to inquire about”, according to the Minister for Revenue and Financial Services, Kelly O’Dwyer.

Addressing the Financial Services Council’s (FSC’s) Leaders’ Summit in Sydney, O’Dwyer sought to push back on the announcement by the Shadow Treasurer, Chris Bowen that a Federal Labor Government would use such a Royal Commission to then generate a thorough a review of the financial services regulatory framework.

O’Dwyer suggested that the worst of the scandals in the financial industry were in the past, stating “Trio Capital, Great Southern and Storm Financial happened in the years after the global financial crisis (GFC) and under the former Government. Not caused by them, but certainly on their watch”.

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She said there had been a host of actions, inquiries and new bodies set up by the Coalition Government in response to those scandals but the Labor opposition was failing to acknowledge what the Government had done to fix the excesses of the past and prevent them from happening again.

“They are moving the goalposts of their proposed inquiry to new areas such as FinTech and looking at how our regulators work,” she said.

“The Royal Commission has become an inquiry looking for something to inquire about,” O’Dwyer said. “We don’t want to see a repeat of these scandals. But nor do we need a formal, legalistic, endless talkfest following on from the sensible and considered reviews and reforms the Government has already put in place. What we need is the Government to take action now.”

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I agree - we know what the problems are and their is more than enough legislation in place to deal with them - what is needed is that ASIC has to be properly funded so the law is actually enforced.

ASIC are toothless, financial institutions are ruthless, politicians are spineless that makes a royal commission essential.

Gaz what a load of rubbish. a RC will simply cost taxpayers multi millions for no benefit that isnt already known. All this whining about the banks & financial services is driven by Labor's ISA slant.

We live in a democratic commercial capitalist society. That is what makes our model work, The socialist system doesn't work, hence any RC and associated bs new rules that will undoubtedly spring forth won't improve things one iota but simply add more red tape and costs, which are ultimately borne by, yes you guessed it, the simple consumer that supposedly all this crap was meant to be designed to help.

Wake up to reality and get your head out of your narrow rear canal.

Joe what a load of rubbish. Ease off from looking for Reds under beds or you will go blind.

Hilarious Hedware! Haven't heard from your pinky loving self for ages. Still spouting the same politically left loving propaganda I see... From recollection you were an ISA employee, Labor loving union crony, or gov agency bureaucrat; please remind me which of those three slime piles you crept out from?

Oh and yes to answer your lame line here's a quote for you to ponder “In a time of deceit telling the truth is a revolutionary act.” George Orwell

Thank you. Very apt quite for my comment.

Quite, and you're welcome. (Oh, and I think you meant to spell yours 'quote'; spell check is a saviour, don't you know?)

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