In a letter to Malcolm Turnbull last week Bill Shorten has suggested an extension of the inquiry, an apology and compensation scheme were the “least the government can do” in the future. SR Group sees this as a step forward in advocating for reform in the financial sector.
The big 4 banks have all come out this week and made submissions to the upcoming Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Australia’s top 4 financial institutions each lodged submissions this week, summarising instances of misconduct and delinquency over the past decade. With the public hearings approaching on 12 February 2018, this is the first step, though a substantial one, towards fostering and maintaining transparency from our major banks.
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