| Our plan to stop bank abuse |
The
Greens led the charge to set up the Royal Commission into the banks.
Now we’re taking action by announcing our simple solution to bank abuse
and misconduct. Spread the word: we need to break up the big banks.
The banking royal commission hasn’t been short on drama, has it?
Revelation after revelation has shone light on the shocking amount of rot at the foundations of this country’s banking system. For far too long, these billion dollar businesses have been allowed to get away with fraud, bribery, and forcing people onto dodgy products.
Worse still, the royal commission has uncovered widespread and shocking abuse of customers these banks are supposed to serve. Here is one example:
Plainly, these banks have become too big to care about their customers. The finance sector needs a significant overhaul.
The Greens are sick and tired of regulators fiddling around the edges. They’ve been doing it for decades. That’s why we’re announcing today that the first step to fix the big banks is to break them up. Will you join the call to break up the big banks by spreading our message?
Our
plan forces big banks to become banks again by requiring that they ONLY
provide financial services in one of the following four areas:
- Deposit and loans, including savings accounts, credit cards, mortgages and business lending
- Large-scale superannuation funds, including default funds and choice funds
- Insurance, including life insurance and general product insurance
- Complex financial products used for investment banking, hedge funds, self-managed super funds, financial markets, auditing and liquidation
The second part of our plan ensures customer safety, by handing over regulation of the sector to the ACCC. The current regulators, ASIC and APRA, have shown over and over again that they are more interested in keeping the big banks happy than protecting customers. This sector needs a powerful regulator who stands up for us.
We know that Greens pressure delivers results. We led the charge to set up the banking royal commission before the Liberal and Labor parties caved. Now we’re the party with a simple solution to the abuse it has uncovered. Let's spread the word: we need to break up the banks.
Thanks for helping us hold the big banks to account.
Richard & Pete
No comments:
Post a Comment