Watered down banking reforms won't be good enough
Last year, the government promised to pass two crucial royal commission recommendations to hold finance executives to account with serious penalities and to compensate victims of financial crime.
But the government’s proposed laws are not good enough. They will let finance execs off the hook for the kinds of crimes that led to the banking royal commission and leave too many victims without compensation.
The government is planning to go back on their proposal to have $1 million fines for finance executives who break the law – it’s now down to zero. And the compensation scheme for victims of financial misconduct will have huge carve outs that will leave too many people with nothing.
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. The current system isn’t working.
We know the government is considering the final design of these laws right now. This is an opportunity to ensure the lessons of the royal commission are not lost. Add your voice by calling on the government to pass strong banking protections that protect people, not the banks.