Fix The Banks

The Royal Commission laid bare the problems with Australia’s banks, uncovering fraud, bribery, fee gouging and other misconduct. The cause was the pursuit of profit at the expense of the customer. Conflicts of interest within banks and soft touch regulators meant that it got out of control and left tens of thousands of Australians poorer as a result.

The Royal Commission

Pete led the charge to establish a Royal Commission to get to the bottom of the rot. Through Senate inquiries and persistent questioning of the government, he helped uncover the true extent of the problem. Along the way, Pete also led the policy development which resulted in the government adopting a number of Greens’ ideas.

View the timeline.

Wins:

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Participating member in various Senate inquiries into the Scrutiny of Financial Advice including into the catastrophic collapse of Managed Investment Schemes in Australia.

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A Royal Commission into the banks, the first of its kind since the 1930s.

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Worked with Adam Bandt and others for the introduction of a levy on the major banks.

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An overhaul of the consumer ombudsman to ensure government oversight of dispute mediation.

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Initiated the country’s first Senate inquiry into White Collar Crime.

Wants:

A government-owned ‘People’s Bank’ to provide basic low-cost products and services.

Break up the banks to separate banking from insurance, superannuation and financial advice.

Appoint the ACCC as the regulator of consumer banking.

inflation [Converted]