Simon Hoyle has been a finance journalist for more than 25 years – a finance journalist because the football and motorsports rounds at The Age were filled when he was awarded a cadetship. He worked on BRW and Personal Investment magazines, and was part of the team that launched Money Management. Hoyle spent 11 years at the Australian Financial Review before moving on to be an investment writer for The Sydney Morning Herald and The Australian. He was appointed editor of Professional Planner in November 2007.
Glenn Freeman is a senior journalist for Professional Planner. He has around three years’ experience in financial services journalism, having also covered broader areas of business including M&A activity and energy. His journalistic experience includes five years spent abroad, where he was editor of an oil and gas title in the United Arab Emirates along with other in-house and freelance projects, which included stints in motorcycle and automotive journalism.
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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.