From Domainfax comes the main recommendations released by chairman David Coleman of one of Do-nothing Malcolm’s seventeen banking inquiries:
- A Banking and Financial Sector Tribunal should be established by 1 July 2017 which will replace the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal. The banks should cover the costs of setting up the tribunal.
- Banks should have to name the senior executives responsible for “significant breaches” of their financial services licences in public reports to ASIC by 1 July 2017. These reports should be made within five days of the incident and should include how and why it occurred and if senior executives suffered any consequences.
- The ACCC should set up a team to make recommendations to the Treasurer on how “to improve competition in the banking sector”.
- Banks should open up access to their customer’s data so that bank accounts become more “portable” and customers can change banks more easily by July 2018. The Corporations Act should be amended so banks are punished if they do not do this.
- The government should launch a review into how to make it easier for new banks to open up.
- Banks should launch independent reviews into their own ability to respond to misconduct, and the reviews should be completed by July 2017 and recommendations implemented by 31 December 2017.
- Banks that provide financial advice should be required to inform all the clients of dodgy financial advisors.
I can only assume that this is, in fact, a spoof press release from The Onion. We’ll bring you the real inquiry finding’s when they are released.
