Only 27 customers heard at Royal Commission
The clamour for a royal commission 2.0 is already starting to build among victims of misconduct in the financial services industry. They are unanimous in saying that the inquiry – although thorough and on occasions a brutal expose of the industry’s shortcomings.
Geoff Shannon, who set up a group to help victims of bank misconduct several years ago, said the commission had only just begun the work of exposing problems in the financial system.
“It’s not even scratched the surface in terms of bank scandals. The industry think they are just about off the hook but we are only just at the beginning,” said Shannon, a former Bankwest customer.
Another campaigner, Peter Brandson, agreed that the commission needed to carry on investigating the financial industry but with increased powers to expose misconduct.
The commission is not looking at the most serious offences,” said Brandson, who set up Bank Reform Now after fighting a loan dispute with NAB. “There has been criminal fraud, forged documents, asset-stripping and millions of dollars of assets have been taken from people.”
Both activists have held numerous meetings with the banks and politicians but say there is still not enough recognition of the damage done by what they claim is decades of misconduct.
It is not inconceivable that a change of government in Canberra next year could put the banks, wealth managers, super funds and insurance companies on the interrogatory rack again.