Greens reveal bold plan to ’break up the banks’

AUSTRALIAN banks would be split up and banned from owning more than one type of financial service under a radical policy to be unveiled by The Greens.

AUSTRALIAN banks would be split up and banned from owning more than one type of financial service under a radical policy to be unveiled by the Greens.

The party will today reveal a bold plan to “break up the banks” in the wake of the shocking details of mistreatment uncovered by the royal commission into financial institutions.

The policy would force Australia’s Big Four banks to sell off large parts of their businesses and completely overhaul Australia’s corporate sector.

Under the plan, a company would only be able to own and operate financial services in one of four designated classes.

There would be deposit and loan banks to provide basic services for Australians; superannuation funds; large-scale insurance companies; and complex financial products tailored towards rich individuals and large businesses.

Greens leader Richard Di Natale said it was time “banks became banks again”.

“It’s past time we stopped letting these huge corporations get away with fraud, bribery and other systemic abuses of the customers they are supposed to serve,” Senator Di Natale said.

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