Financial planners are split on opposition leader Bill Shorten’s proposed royal commission into banking and financial services, with a slight majority saying they do not approve, a poll shows.
In a Conexus Financial exclusive cover story this month, Labor leader Bill Shorten explained why he believes a royal commission is the last lever his would-be government could pull to clean up the financial services sector.
“We’ve tried just about everything else, haven’t we?” he said.
“Too many problems occur too often. And every time it does, we get the mea culpas and they say it won’t happen again, until the next time.”
He also said he would take a serious look at setting up a compensation scheme for victims of bank malpractice.
However, a poll launched to coincide with the story shows a slight majority of financial planners don’t agree a royal commission is the answer. Fifty-seven per cent said they did not agree with the inquiry, while 43 per cent said they did.
Since announcing its intention to launch a royal commission last year, Labor has released several other financial services-related policies, including recently a review of financial regulation architecture.
At the Financial Services Council leaders’ summit last month, shadow treasurer Chris Bowen claimed the banking executive accountability scheme launched in the most recent budget by the Turnbull-Morrison government was spurred by royal commission calls.
The government’s accountability scheme prevents banking executives with a poor record from moving from one bank to another.