Business welcomes Royal Commission report

| February 4, 2019

The business community welcomes the final report of the Royal Commission into the Banking, Superannuation and Financial Services Industry, according to the Business Council of Australia.

“Commissioner Hayne’s common-sense but far reaching recommendations deal with the core issues of misconduct. Commissioner Hayne has done an excellent job and has recognised the many changes our financial services sector and regulators have already made ahead of this final report,” Jennifer Westacott Business Council of Australia chief executive said.

“Our financial services sector is incredibly important to our way of life. Australians cannot be subjected to a system where they cannot access a loan to buy a new home or set-up or expand businesses that provide jobs. Millions of Australians also have their retirement savings invested in banks.

“We look forward to working with political leaders and the community to ensure Australia’s financial system is stronger and restoring trust in a sector which has helped to deliver a record 27 years of economic growth.

“It is time to rule a line in the sand and start fixing the real problems and poor behaviour that have been identified by the Royal Commission.

Ms Westacott said the business community is ready to work to effectively develop and implement necessary changes in the direction recommended by Commissioner Hayne.

“As the government has done in its response, it is important to make sure any changes are carefully considered in order to ensure credit remains available to Australians and competition is strengthened to ensure consumers get the best deal.

“This means changes should be staged with appropriate consultation and reviewed to make sure consumers are better off.

“We welcome Commissioner Hayne’s recommendation on business culture and governance and believe every business should take his advice to implement the proper steps to assess, identify and deal with any problems.

“Effective regulation and well-resourced regulators are critical to the financial sector and Commissioner Hayne identifies some important improvements, in particular simplifying existing laws, clarifying the responsibilities of ASIC and APRA and strengthening their accountability.

“We look forward to working closely with government and regulators to ensure that Australia’s financial system emerges from the Royal Commission not just better regulated and recommitted to cultural change but that it remains a strong part of the Australian economy and serves the interests of every Australian.”

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