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Sign the petition for stronger banking reforms

Call on the government to pass strong laws that hold finance executives to account and compensate victims of financial misconduct.

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Let's see through the Banking Royal Commission reforms

UPDATE: In June, the Federal Parliament passed a law that will establish a Compensation Scheme of Last Resort. This will assist thousands of victims of financial misconduct who've been left without redress because the institution involved became insolvent, many of whom have lost their entire life savings.

Together, we have an opportunity to pass two crucial royal commission recommendations: to compensate victims of financial misconduct and to hold finance executives who do the wrong thing to account with serious penalities.

The previous government’s proposed laws weren’t strong enough and weren't passed before the election. Now, the new government has an opportunity to strengthen these laws when parliament returns to ensure finance execs aren’t let off the hook for financial misconduct and to ensure victims are compensated.

In the financial year following the banking royal commission, 54 big four bank executives earned over $101 million, while not a single fine was handed out for misconduct. It’s clear that the current system isn’t working.

We know the government supports these reforms, so let’s strengthen them and pass them without further delay. Add your voice by calling on the government to pass strong banking protections that protect people and fix the banks.

Read more about the campaign

CHOICE is calling for a Compensation Scheme of Last Resort reform that would compensate people if an ombudsman or court decision is made in a consumer’s favour and the financial institution is unable to pay. CHOICE is calling for this scheme to apply to all financial products and services that come within the Australian Financial Complaints Authority’s jurisdiction. As drafted, it is very limited and only applies to five financial products and services. It would cover decisions on compensation dating back to November 2018.

CHOICE is calling for a Financial Accountability Regime that would hold finance executives personally accountable for misconduct. Under the regime, financial executives would be subject to:

  • Deferred remuneration obligations; and

  • Disqualification from operating as an accountable executive.

Civil penalties of over $1 million for leaders who break the law should be reinstated. Individual penalties send a clear message to executives and managers that misconduct will have serious repercussions.

We need to show the government that there is overwhelming public support for passing strong banking reforms. The government already supports these reforms, but if we can show that thousands of people are calling on them to act without delay, they'll be more likely to see these reforms through. 
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