MEMBER for Shortland Pat Conroy has likened bankers who steal money from customers to thieves who rob people in the street, saying both should go to jail if they break the law.
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Mr Conroy was responding on Tuesday to the Banking Royal Commission findings, which he described as “a damning indictment” on banks and financial institutions.
“It’s also a damning indictment on the regulators such as ASIC [Australian Securities and Investments Commission] that were supposed to keep the banks and financial institutions on the straight and narrow,” he said.
“And by implication it’s a damning indictment on a government that voted 26 times against having a Banking Royal Commission and did everything in their power to stop it.”
Mr Conroy said that the culture of reward for greedy conduct would change if all 76 of Justice Kenneth Hayne’s recommendations were implemented.
“But it all starts at the top, and it starts with proper regulation by ASIC and the government of the day,” Mr Conroy said.
“Nothing will change until we see bankers go to jail if they break the law. If you steal money from someone on the street you will go to jail. If a banker or a financial planner steals your money they should go to jail as well.”
Mr Conroy said the Morrison government had cut ASIC’s budget by $150 million and told the regulator to implement a “light touch self-regulation scheme”, negotiating with banks rather than prosecuting them.
“Lots of small businesses were run out of town because of the actions of the banks,” Mr Conroy said.
“It’s the job of the government, and Labor if elected, to make sure these recommendations are put in place and we change the culture.”