Banking on long way to redemption

Banking on long way to redemption

On Tuesday morning Commonwealth Bank whistleblower Jeff Morris jumped in his car and headed to Canberra for a meeting with the politician at the centre of key decision making on financial planning reforms and a royal commission on the CBA financial planning scandal.

As Morris arrived at Parliament House for his 3. 30pm meeting with Finance Minister Mathias Cormann to discuss all things CBA, the opposition was hatching a plan to keep the CBA in the spotlight and entwine it with the government’s plans to water down the future of financial advice (FoFA) reforms, amendments that CBA and other banks have lobbied endlessly for.

As Senator Cormann has tried to get the CBA financial planning scandal off the front pages in a last ditch effort to stop his FoFA regulations being killed off, the opposition is doing its best to snuff them out.

To this end, the Leader of the Opposition, Bill Shorten, the shadow treasurer, Chris Bowen, and shadow minister for financial services, Bernie Ripoll, held a news conference on Wednesday to announce a ”new” Senate inquiry into the CBA.

He says he is prepared to use the Senate powers to subpoena witnesses including former and current senior executives at the bank and financial planners to appear before the inquiry.

If they choose not to show, they will be summonsed, and if they still don’t show they will be censured by the Senate - hardly a good look for people who hold themselves out as good corporate citizens. ”The behaviour of the Commonwealth Bank in these matters has been unconscionable and something needs to be done about it,” Senator Dastyari said.

Read more here: SMH

    

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