Hayne set to deliver final banking royal commission report
Then final report from the banking Royal Commission will be revealed tomorrow - and you can expect one crucial number to keep popping up.
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A large stack of numbers will tumble out when the Financial Services Royal Commission report is released Monday afternoon, but you will see one much more than others. It will be the number 26.
That’s the tally of times Labor says Prime Minister Scott Morrison, when Treasurer, voted against holding the banking industry to account through a powerful inquiry.
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And on every instance of bank greed and abuse revealed in the report, the number 26 will be used by Labor to accuse Mr Morrison of having wanted to protect the banks from being accountable for their mistreatment of customers.
The report from stern, no-nonsense Kenneth Hayne out of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will be brutal.
It will embarrass and rebuke the banks and the agencies set up to keep the finance industry in line.
The findings could have the potential to reshape competition in the industry and boost the powers of consumers over the companies that provide and manage their money.
It will affect how we regard banks, among the wealthiest, most privileged and most important companies in our economy.
It will be more than an overhaul of customer relations. The Hayne report will be a significant challenge to the Morrison government.
Does it pledge to implement all its recommendations as Labor has done in advance, or does it plead for a softer touch, arguing that bruising the banks could harm the overall economy?
It will be a tussle between giving consumers protections they want versus protecting the banks from regulation they don’t want.
This latter position has been addressed by Innes Willox, head of the Australian Industry Group.
“We hope and indeed expect that it will recommend firm and proportionate action in a range of areas where wrongful conduct has been revealed and where regulatory practices have been found wanting,” says Mr Willox.
“We also hope the Royal Commission will recognise the strengths and importance of the financial services sector and the risk that excessive regulatory measures will put further pressures on the availability of credit — particularly for smaller businesses.
“We strongly encourage all political parties to develop responses to the Royal Commission’s report that are effective in improving the integrity of the sector and restoring community confidence in the sector and in its regulation.”
Few have shed a tear for banks as the commission delved into their operations, but there have been genuine tears from banking clients as they told the inquiry of the distress caused by the money-grubbing practices in the finance sector.
The Morrison government could find it hard to express public regret for both the banks and their victims. We are not talking about high-flyers taking risks that didn’t pay off. The report will deal with basic but important transactions such as superannuation, insurance and financial advice.
And with each indictment from the Hayne inquiry on Monday, we shall see
Labor rate the frequency of its references to the number 26.
And how about some other preliminary numbers: 68 days of public hearings which began in February last year, 134 witnesses, more than 10,000 submissions, 6500 exhibits.
Commissioner Hayne will have a lot to say and Mr Morrison might not welcome all of it
Originally published as Hayne set to deliver final banking royal commission report
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