In an embarrassing rebuke for the Turnbull Government the Credit and Investments Ombudsman (CIO) has thrown cold water on Malcolm Turnbull’s ill-thought through plan for a banking tribunal, saying it could become a “lawyers picnic”.
The CIO says in a stinging rebuke, that any merger of the existing ombudsman’s services into a tribunal would be a “big mistake” and could potentially limit the scope of matters that people could have heard.
Malcolm Turnbull’s banking tribunal was announced last Friday without any detail in yet another desperate attempt to distract and avoid the scrutiny and accountability of a royal commission.
Nothing short of a royal commission into the banking and financial services sector will be enough to get to the bottom of why people are getting ripped off and in many cases left with nothing, due to bad financial advice and bad banking practices.
TUESDAY 11 OCTOBER 2016.