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Royal Commission Receives Support From Advisers

Do you support the Government's decision to establish a Royal Commission into the alleged misconduct of Australia's banking and financial services sector?

  • Yes (55%)
  • No (34%)
  • Not sure (11%)

Advisers have given their qualified support to the recently-announced Royal Commission into the Banking and Financial Services sector.

As we go to print, around half of those voting in our latest poll (51%) support the Government’s decision to go ahead with the Royal Commission, while 36% are against the decision and 13% are on the fence.

The comments we’ve received in response to this poll reflect a certain resignation and weariness within the adviser community as the life insurance industry prepares itself for the commencement of the Life Insurance Framework transition period.

The general feeling from advisers, based on the poll comments and other feedback we’ve received, seems to be that a Royal Commission into Banking and Financial Services will benefit the community as long as the focus of the Commission’s investigations is directed towards the conduct of the banking sector. However, there also appears to exist a certain level of cynicism around the entire process and the eventual value (or lack of it) that many advisers believe will emerge from the investigation.

If you’d like to have your say, our poll remains open for a while longer as we approach the end of 2017 and look towards the changes to the sector that will be taking place in 2018…

  • Jake

    Unfortunately the Royal Commission will not be into the banks at all. What a scam. How can they exclude the predatory lending practices of the banks which caused the Global Financial Crisis and the Storm Financial debacle.

    The banks actually do own everything. Especially ALL our politicians.

  • John Galt

    I think we welcome a Royal Commission because we are confident that there is nothing to hide! We welcome a commission finding that the industry provides enormous social, economic and individual benefits. We welcome the consumer confidence that will flow from an ‘innocent verdict’.

    Sure it will be a grossly expensive circus, but if it clears us once and for all of the lies and media sensationalism so we can all move on with the business of protecting Australians, so be it. If we catch some crooks along the way – all the better.

    In hindsight however, after years of scrutiny, investigations, auditing and parliamentary commissions couldn’t we have just started with the Royal Commission and been done with it!? All that wasted time and money.

  • Ken

    This comes down to where they look and you can bet there will be a lot of “rugs” not looked under for fear of what will be found !!