5 years ago
LABOR PUTS VOICES OF VICTIMS TO THE BANKING ROYAL COMMISSION
BILL SHORTEN MP
Federal Labor is ensuring the experiences of victims are at the heart of the Banking Royal Commission, today releasing a submission of victim stories from roundtables held around the country.
The Banking Royal Commission has been critical to exposing a systemic culture of misconduct in the financial services sector - but after voting against it 26 times, Scott Morrison gave the Commissioner an extremely short timeframe to undertake such important work.
Only 27 victims have been able to give evidence in person, despite 10,000 submissions being received. Labor has been undertaking roundtables to listen to bank victims and ensure they have a voice in the process going forward.
Labor’s consultations have found that bank victims are struggling with the long-term impacts of banking misconduct, aren’t receiving adequate compensation and are being forced into lengthy court processes by banks with deep pockets.
The stories we’ve heard are harrowing - people who have had their families torn apart, lost their homes, lost farms that have been in their family for more than 100 years, developed physical and mental illnesses, or attempted suicide.
These stories must be a part of our national conversation when we consider what our banks must do to regain the trust of the Australian people
The Morrison Liberal Government didn’t want these victims to have their voices heard. If they had had their way, the Royal Commission wouldn’t even be happening.
Labor will be submitting these stories to the Banking Royal Commission, and will continue to undertake roundtables to meet with as many victims as possible.
These stories reiterate that Scott Morrison needs to do the right thing and extend the Banking Royal Commission.
Labor wants this to be a roadmap for reform - not another royal commission report left in the top drawer. That’s why we are undertaking these consultations and why we will create an Implementation Taskforce.
Labor called for this Royal Commission, Labor fought for this Royal Commission, and Labor is listening to victims to make sure they have a voice in the process going forward.