Review reveals Government banking tribunal isn’t needed

'Experts' advise the Government not to go ahead with a banking tribunal.

Review reveals Government banking tribunal isn’t needed

The Government's plan to introduce a low-cost banking tribunal to investigate the poor financial practices of Australia's largest banks has been quashed, after an ‘expert review’ found it was not needed.

Prime Minister Malcolm Turnbull announced the tribunal in October, in response to growing pressure from Labor for a royal commission, as well as calls from members for a new consumer-focused tribunal.

The review of dispute resolution in the financial services sector is being led by Melbourne University commercial law professor Ian Ramsay. An interim report has found that a new tribunal is not needed and recommends a move away from tribunal structures.

Appearing on ABC Radio, Financial Services Minister Kelly O’Dwyer said that the Government’s focus was now on providing consumers with a single place for dispute resolution.

"When the Prime Minister was talking about a 'tribunal' he was talking about a 'small-T' tribunal, which was a catch-all for having a one-stop consumer complaints stop," she said.

"One is far more legalistic, which means it is probably less consumer-friendly and that is a 'Big-T' tribunal.

"That makes it more difficult for consumers to engage, which is what the report has found," she said.

What do you think? Is the review correct in quashing the new tribunal before it is implemented? Do we need a royal commission into the banking sector?

Read more at The Sydney Morning Herald.

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    COMMENTS

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    kev888
    8th Dec 2016
    10:12am
    bring on the Royal Commission it is the only way toward accountability and truth
    MICK
    8th Dec 2016
    9:02pm
    Malcolm will not approve of you saying that kev.
    wally
    9th Dec 2016
    11:13am
    The "Member for Goodman Sachs" AKA Prime Minister Turnbull, would promote
    that, wouldn't he?
    Hobbit
    8th Dec 2016
    10:15am
    Tell the Banks the same as you tell pensioners:
    “We’ll find you, we’ll track you down and you will have to repay those debts and you may end up in prison,” he said.
    HarrysOpinion
    8th Dec 2016
    10:26am
    "When the Prime Minister was talking about a 'tribunal' he was talking about a 'small-T' tribunal, which was a catch-all for having a one-stop consumer complaints stop," she said... - Actually, the definition of 'small-T' is - "Trivially microscopic"- she hauntingly laughed out aloud on her way to the bank to count her bonanza....
    MITZY
    8th Dec 2016
    10:30am
    So much this government announces backfires. If they now think its not necessary to have either a Big T or Small T tribunal they've be got at once again by the banks, just like they succumb to big business. Stuff small business, taxpayers of this nation and pensioners, we can manipulate them quite easily.

    If this government thinks there should not be an enquiry of some sort and hate the thought of a Royal Commission then they are sadly lacking in any form of empathy for the many families that have lost entire life savings to unscrupulous financial advisers and the like, plus the mal-practices of the banks in giving loans they know to have been falsified by their advisers, then this government is no better than the banks themselves.

    With all the kerfuffle that has hit the CBA in recent times they fly in the face of the people and the government every day. Take the current ad on TV sayings get a credit card from them, spend X amount of dollars and they'll give you $X amount to spend on anything you like?! The CBA is not the only one, the other three majors are equally guilty.
    Go to the website bankreformnow.com.au and just see how many people hate banks and the amount is growing day by day.
    MITZY
    8th Dec 2016
    10:33am
    error: 2nd line should have read" - they've been got at, not be
    Baby Huey
    8th Dec 2016
    10:39am
    The big bank criminals have once again got at the government. How many government ministers got offered bribes?
    HarrysOpinion
    8th Dec 2016
    11:11am
    Not only "offered" but how many actually took bribes?
    Rae
    8th Dec 2016
    3:17pm
    How many government ministers are bankers?
    TREBOR
    8th Dec 2016
    10:40am
    Ex-Pert - a has been drip under pressure......

    Well - what a surprise - no enquiry into the banks, and announced in the lead-up to Christmas in the fervent hope the peons won't notice... I'm waiting for the 3AM announcement on Christmas morning of the installation of gulags and forced labour for the unemployed....
    TREBOR
    8th Dec 2016
    10:42am
    What will they have in store for us on New Year's Day at 3 AM when we're snoring it off?
    Rae
    8th Dec 2016
    3:19pm
    A cashless society where they can charge what they like to mind your money and just take it when they want or only allow you to buy what they decide is 'good' for you?
    Fredklaus
    8th Dec 2016
    11:19am
    Maybe our PM is worried someone will find out how he made his money.A BIG SHORT
    MICK
    8th Dec 2016
    3:14pm
    Goldman Sachs I believe. Any interested needs to do some research as I understand Sachs is a gold and currency manipulator. Turnbull had a good teacher!

    8th Dec 2016
    11:27am
    You don't invest with the banks you invest in the banks that is if you want to make money.
    TREBOR
    9th Dec 2016
    1:33am
    Only as long as you are happy to have them rip off people with bad advice on investment etc...

    If you can live with that - welcome to the jungle...
    Anonymous
    9th Dec 2016
    7:54am
    I,m in the jungle TREBOR why not take advantage of it.
    Phil1943
    8th Dec 2016
    11:28am
    This crowd in Canberra will do anything they can to cut or stop pensions, but nothing to stop the criminal activities of financial institutions - banks, insurance companies, superannuation funds and many others of all sizes, not just the biggies. If we continue to tolerate this and don't toss them out at the next election we'll be complicit in the trashing of support for those who've grown old believing there would be some sort of security blanket in place. "Vote them out." There, a three-word slogan for us to use when next we hear "Jobs and Growth" from ScoMo's or Malcalm's lips.
    TREBOR
    9th Dec 2016
    1:34am
    Is that 'Malcalm - becalmed?'
    WTF
    8th Dec 2016
    11:35am
    Is this a Banking System Expert conducted review of the Banking System now finding that there's no need for a review? Is that like a criminal advising (after the crime) that there's no need to investigate?
    WTF
    8th Dec 2016
    11:37am
    Who is paying the so called expert for this view point? Why should it matter what one 'expert' wants.... what does the majority want?
    MICK
    8th Dec 2016
    3:16pm
    It is a stitch-up and I knew from the outset that NOTHING was going to be done to the banks.
    Now banks will keep their heads down for a couple of years........and then back to the business of cannibalising their customers.
    Tom Tank
    8th Dec 2016
    11:37am
    It is possibly correct that an "Ombudsman" type complaint mechanism is more efficient and provide a better and quicker resolution than a 'Tribunal".
    The absolute minefield our financial sector poses to customers really needs an in-depth examination to determine just what is going on and who is pulling the strings. A Royal Commission is probably the only way that can be done.
    There is no doubt that the LNP will only hold Royal Commissions into something that will damage the Labor Party and are quite happy to do that irrespective of the cost.
    Perhaps such a Royal Commission is warranted but one is definitely needed into Banks etc but of course that would be attacking the Liberals core backers.
    How much longer will we have to put up with a political system that is so open to corruption via political donations? Both parties are up to it and we, the mugs, pay for it.
    MITZY
    9th Dec 2016
    11:28am
    I agree mostly, however an Ombudsman-type complaint mechanism may not give justice to the thousands who have already lost their life savings/superannuation. Some of these with the intelligence and help from advisers have already been compensated fully, but only because they signed a paper to disclose nothing about the under-handed procedures of the banks!
    There is a country doctor who has been stung by the NAB some years back and who is still trying for justice for the bank's wrongdoings to his family. He is now the chief executive of bankreformnow.com.au and is in a fight to gain a Royal Commission into banking for himself and thousands who have been stung. bankreformnow.com.au makes interesting reading.
    fedup
    8th Dec 2016
    11:53am
    People power could fix this, just ditch the big banks go for credit unions. I haven't been with a bank for at least 20 years & have no trouble.
    Rae
    8th Dec 2016
    3:22pm
    People power could fix a lot of things.
    VJ
    8th Dec 2016
    12:40pm
    When is this Prime Minister going to show some leadership and stop toading to his extreme right wing MPs? I can be threatened with being sent to prison if I give incorrect information but the big banks can continue to treat us like dirt. Where is the equity in this?
    Who is going to stand up for the public and enforce a banking tribunal? They can do it to trade unions, why not to banks where CEOs earn millions per year.
    MITZY
    9th Dec 2016
    11:19am
    Go to bankreformnow.com.au where a country doctor got stung by the NAB and now has a mass of followers asking for a Royal Commission into the banking criminals. The doctor and a lot of the banks' customers who have lost their life savings to unscrupulous financial planners and bank staff being coerced and threated into losing their jobs if they didn't promote and push hard for customers to purchase bank products is pushing for a Royal Commission. The bankreformnow.com.au group recently met outside Parliament House in Canberra and got a fair bit of air play. It doesn't matter what sort of enquiry the Turnbull Government advanced with the banks to show transparency, we all knew it wouldn't get to the starting blocks. A Royal Commission is the only way for the thousands of bank clients and individuals who have lost their life savings/superannuation to receive some form of justice. Every time a bank official gets in front of a TV screen he/she should be portrayed with Ned Kelly's tin hat in place.
    Leo1953
    8th Dec 2016
    1:55pm
    While ever the government sets regulations that only allows you to be paid Into a bank account for any income, the banks have a monopoly on YOUR money. You are forced to deal with at least one of them.
    Go back to to old days of cash, and the banks having to offer you something to get you to put YOUR money into an account.
    Old Man
    8th Dec 2016
    2:11pm
    Nothing to see here. Shorten should duck his head, keep a low profile and, above all, keep his mouth firmly closed. Turnbull is doing more damage to the government without any effort from Labor and is Labor's biggest asset. If Shorten makes too much of a fuss, he may not face Turnbull at the next election.
    MICK
    8th Dec 2016
    3:18pm
    Shorten? Why bring him up? What has he got to do with Turnbull and his cronies ignoring mounting pressure to put the cleaners through the banks?
    Sounds like a 'transfer of blame' Old Man. Maybe stay on topic.
    Old Man
    8th Dec 2016
    3:33pm
    Did you actually read all of my post MICK or stop at the word "Shorten"? My point is, although obscure, is that Turnbull is doing a terrible job and the Coalition will certainly lose the next election if he is still there with his wishy-washy attitude, lack of support for his ministers and no policies. Shorten should let Turnbull have enough rope so he can hang himself.
    MICK
    8th Dec 2016
    4:45pm
    I actually did but wondered why Shorten got a mention at all.
    I understand that there are forces out to get Turnbull but we have to understand that Turnbull is just the messenger delivering the same policies Abbott did. That is the problem. The leader may have changed but the poison is the same.
    Not too sure that the right wing propaganda machine funded by big business and its big media outlets will not push this government back into office. As the gloating popinjay Christopher Pyne once stated "the coalition has won office 16 times in the past 20 years compared to Labor's 4". Of course that was just because Labor was not good at government?????
    Old Man
    8th Dec 2016
    5:03pm
    I agree MICK that there are forces out there to get Turnbull but I would look closer to home. I think it's the back bench and some ministers in tight seats rather than big business. If you check the list of political donations you might note that big business donates to both major parties, a "bob each way". If you recall, all those Labor politicians lined up to tell the media what a terrible leader Rudd was when Gillard was elected but immediately reinstated Rudd when it looked like they may lose their seat. My old cynical self believes that all politicians (Ted Mack excused) are there for the power and the perks with voters being a mere inconvenience when elections are called.
    ozrog
    8th Dec 2016
    2:36pm
    Geeez can go after pensioners but not banks.
    floss
    8th Dec 2016
    3:11pm
    The Tribunal only did as they were told, would this Greed is Good party have it any other way.
    MICK
    8th Dec 2016
    3:12pm
    Well SURPRISE, SURPRISE, SURPRISE. What else did anybody expect.
    For the benefit of the mentally challenged:

    1. banks donate big dollars to Liberal Party coffers to get their cronies elected.
    2. conservative governments are expected to pass legislation banks have written for themselves and to protect banks from any and all attacks no matter what they do.

    WE NEED AN ELECTION SOON as we are seeing corruption in action.
    Rae
    8th Dec 2016
    3:23pm
    We just had an election MICK.
    MICK
    8th Dec 2016
    4:45pm
    Yeah....and voters are starting to realise they are on the menu and that HE LIED.
    DaveL
    8th Dec 2016
    4:25pm
    Once again government has failed to address white collar crime. The Minister's "T"'s has nothing but failure written all over it. There has been fraud committed by the financial institutions and this is a soft option to keep "white" crooks out of court.
    Gee Whiz
    8th Dec 2016
    5:37pm
    Another dud from the Turnbull dunces. Just one of the many "fails" from this useless bunch of morons.
    Happily retired early
    8th Dec 2016
    5:48pm
    We have a small "t" pm turnbull
    Small on Truth
    Small on Trust
    Small on big business paying Tax
    Small on the big four banks ripping off all australians tribunal

    Bring on a royal commission on an election
    Not Senile Yet!
    8th Dec 2016
    6:40pm
    No...we do not need more Bullcrap.....merry go round avoidance measures!
    We need Less Invisible Party Puppets who refuse to Serve the people by only serving their Party!
    What we need is to give the Parties the Heave Ho into Oblivion by Voting them ALL OUT!
    Replace the lot with Independants who are more willing to Serve by negotiation...instead of trying to Rule!
    Let's give the Libs what they want....Privatisation!
    Privatise OUR PARLIAMENT by Voting against ALL THE CORRUPT PARTIES & THEIR PUPPETS!
    Then we will see how they like being Privatised!
    MICK
    8th Dec 2016
    8:56pm
    If we could kill off both Liberal, Labor and Greens then we would have Independents and the parliament would function as it was originally set up to do. What we currently have is puppets who are owned by the rich.
    I would love to see election funding outlawed in all its forms and if we are to have any chance of getting proper government 'for the people' this is what we have to achieve. AS things are now elections are little more than a show where the unelected elites who control the game look after their own needs no matter which side is in office.
    TREBOR
    9th Dec 2016
    1:39am
    https://www.youtube.com/watch?v=hKpXbA9DCSo

    8th Dec 2016
    7:04pm
    The banks have the government in their pocket, the same way petrol retailers have the ACCC in theirs. Pathetic, lame government!
    MICK
    8th Dec 2016
    9:01pm
    The banks FUND both sides of politics although the right gets the lion's share of the money. So does the coal industry and many others.
    That means that the winners have a debt to repay and Turnbull is currently repaying the bank debt by vetoing a Royal Commission into the financial industry. Abbott repaid the coal industry by repealing the Carbon Tax and Turnbull has been dismantling the renewable energy industry.
    There needs to be a Treason Act in this country to send crooked politicians to jail and take their assets as is done with Victims of Crime legislation. Currently the crooks from the parliament are rewarded at the end of their deceitful skullduggery and then honoured when they die. Many need to be reviled and the current crop will be remembered long after they are gone. May the Lord not bless their souls.
    Eddy
    9th Dec 2016
    12:01am
    I don't want to go off subject but I am getting worried, where is Old Geezer, this topic is right up his alley. I hope he is okay.
    Joy Anne
    9th Dec 2016
    8:16am
    Bring on the Royal Commission, Turnbull knows that the Banks are robbing everyone except the pollies. Turnbull only wants to protect his mates
    ozziejack
    9th Dec 2016
    11:11am
    I think there should be two methods of checking out bankers. The first should be a body which can investigate and take action on behalf of consumers after complaints are lodged. The second is a body which continually checks the activities of banks to make sure they are acting within the law and can recommend change where bank practices are a bit shady or take legal action against banks. Let's face it, there are few banks that care about their customers when profit is to be made. Many of the very poor practices which have robbed customers have developed over a period of time but were known about within the banking industry for some time.
    E?L
    9th Dec 2016
    2:11pm
    WHY ,,,, because they already have invested interests which allows the banks free reign to fleece all the small people who feel the pinch;; not like the moneyed people who do not care ,,,,,
    Slimmer Cat
    10th Dec 2016
    7:53am
    Everybody should be paid the Pension and the Government should keep a tally on what each person is paid including reductions in council rates, Car registration, Telephone, PBS, postage stamps etc and at the end of life the government should get everything back from the estate. If you don't want to claim the pension you don't have to pay anything back.
    At the moment there are people who paid tax all their working lives, saved and now in retirement are still paying tax just for being thrifty their whole lives.
    I'm waiting for the uproar when the Government introduces death duties -after all it is part of the Labor Party policy recommended by Ken Henry in the Henry report.
    Tarabelle
    12th Dec 2016
    8:44am
    Absolutely needed. The current redress - is laughable. In their opinion our 30k loss claim was considered unworthy of reparation. We had a very polite letter, that said it was due to the GFC not our financial advice. The less than amusing aspect of this letter was that they gave a GFC date which was early in the year. We only went to a cba fa in September - and there was NOT 1 mention of any GFC. We had worked hard 7 days a week in a little country store for years to earn the money we put away - on their advice. The money started disappearing immediately - 30k gone in 2 months. This government is not interested in the hoards of people like us that the banks stole from to save themselves. They are only concerned that their friends in business achieve their disgusting annual profits on which they pay next to no tax.


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