Federal Treasurer, Josh Frydenberg has cited fees for no services, fees being charged to dead people and up to 300,000 alleged breaches of insurance laws while providing unsolicited products as being among his take-outs from the Royal Commission.
Being interviewed on radio, Frydenberg said he had been appalled by the conduct which had been revealed and reiterated his belief that the financial services regulators had a case to answer.
At the same time, Frydenberg also repeated his assurance that the Government stood ready to grant the Royal Commissioner, Kenneth Hayne, an extension if that is what he requested.
“Like other Australians, I'm appalled by the conduct that has been revealed, namely, fees for no-service; fees being charged to dead people; 300,000 alleged breaches of insurance laws while providing unsolicited products,” the Treasurer said.
“This is not what we would expect from our financial services sector, from people who are in a position of trust.”
“The regulators do have a case to answer because in many cases they were aware of this conduct and I am asking the questions as to why they didn't stamp it out and why they didn't hold those responsible accountable,” Frydenberg said.