FINANCIAL RIP-OFFS INQUIRY RECEIVES OVER 1300 CONTRIBUTIONS

The Senate Economics References Committee has just published a significant number of contributions made to the Senate Inquiry into Consumer Protections in the Banking, Insurance and Financial Sector.

Consumer group CHOICE sought input from the public about their views on and experiences of rip-offs, dodgy practices and unfair treatment in the sector, and received over 1300 responses, including over 700 public responses. These responses are in addition to the 60 comprehensive submissions that have been published on the inquiry website to date.

“This overwhelming response shows just how deep community concern runs with culture and practices in the sector,” Senator Gallagher said.

“This inquiry is allowing those who have been ripped off and unfairly treated to put their stories on the record,” Senator Ketter said.

The inquiry is examining the impact of misconduct in the banking, insurance and financial services sector on victims and on consumers, including small businesses, providing them with the opportunity to put their experiences and views before the committee.

“The Prime Minister has consistently failed to stand up for the victims of financial misconduct in this country, preferring instead to protect his banking friends,” Senator Ketter said.

“In the absence of a royal commission this inquiry provides an important platform for consideration of further consumer protection measures needed. However, Labor will continue to fight for a royal commission because it’s the only thing that can get to the bottom of systemic and cultural issues in the banking and financial services sector,” Senator Gallagher concluded.  

The submissions including the CHOICE contributions (collated in submission 59) can be viewed on the inquiry’s website here.

THURSDAY, 20 APRIL 2017


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