Local Member reacts to Royal Commission

Official report expected in 2019

Local Member reacts to Royal Commission

Mallee MP Andrew Broad has welcomed the announcement of a Royal Commission into banks and financial services.

 

Prime Minister Malcolm Turnbull announced the commission after pressures from within his own Government and an admission by Australia's big four banks that an inquiry is necessary to restore public faith in the financial system.

 

The Commission is set to assess banks, insurers, financial service providers and superannuation funds, while also looking further into the regulation of misconduct.

 

Mr Broad says while the government has put in place inquiries into the financial sectors over the years, there were more concerns to be addressed.

 

The Royal Commission will have 12 months to complete it's inquiries, with a final report expected to be delivered by 1st February 2019.

 

For more information on the Commission, click the link below!

 

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