FBAA backs royal commission into banking sector

by AB24 Aug 2016
The Finance Brokers Association of Australia (FBAA) is backing Labor’s calls for a royal commission into the sector.

The FBAA’s Peter White has dismissed a move by leading executives who have taken an oath to lift ethical standards in the industry, saying words are empty.

“How ironic for bankers to sign an oath promising to lift values and ethics when the spotlight is now on them for filling their pockets and failing to pass on the full interest rate cuts,” White claimed.

The Banking and Finance Oath has now been signed by more than a thousand bankers nationwide including the heads of ANZ and National Australia Bank.

“If they want to show they are ethical and hold values then actions must speak louder than words,” White said.

“CEOs and senior managers are pocketing enormous bonus payments for reaching billion-dollar profit targets but where is the reduction in credit card rates which are at an all-time high?”

White claims the banking fraternity is “deluded” if they feel this type of “public relations stunt” will keep their customers satisfied.

“A need for an oath to uphold better values simply tells me and the community that banks are admitting they haven’t acted ethically in the past.

“Let’s put this bill to Parliament and bring on a royal commission as this behaviour is offensive to borrowers and depositors across Australia,” White said.