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Bank behaviour warrants royal commission: Ripoll

By Killian Plastow
 — 1 minute read

There is simply “too much evidence” that a royal commission into the Australian banking sector is required, says former Labor federal politician Bernie Ripoll.

Asked at the InvestorDaily Wraps, Platforms and Masterfunds Conference in the Hunter Valley if he thought a royal commission was needed, Mr Ripoll gave an unequivocal “yes”.

“I’m just going to answer this plainly and say, yes, I think we’re at that place now,” he said.

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“There’s just too much evidence and I think, too, it’s not just my view and it’s not just the Labor Party’s view, it’s the natural majority that’s contained in Parliament.”

If a free vote on the issue were to be called in Parliament today, Mr Ripoll said, the move would “definitely get up”.

Mr Ripoll noted that the Australian financial services sector has undergone 37 inquiries in the last decade alone, but that many were still calling for more review and reform.

The form a royal commission would take however remains difficult to predict, Mr Ripoll said, but he cautioned it would be a difficult process for the whole financial services sector.

“We call it a banking royal commission, but it’s actually a review in to the financial services sector, it will be able to deal with things that haven’t been dealt with,” he said.

“Will it be painful? I’m sure it will be, but there are things being uncovered now that I think warrant that extent of investigation to see whether there’s something a bit more systemic.”

 

The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!

 

Bank behaviour warrants royal commission: Ripoll
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