Labor has released a comprehensive plan to implement the recommendations of the Hayne Royal Commission.
After voting 26 times against a Banking Royal Commission, the Liberals cannot be trusted to implement its recommendations. In fact, 36 days after releasing their lacklustre response, the Liberals backflipped and reneged on their commitment to introduce a key recommendation: the ending of trailing commissions to mortgage brokers.
Labor called for a Royal Commission, Labor fought for a Royal Commission, and Labor will work day and night to ensure Australians are protected from banking misconduct.
Labor will fully implement 75 of the 76 recommendations, and will implement the final recommendation, Recommendation 1.3 – Mortgage Broker Remuneration, in a manner that achieves the objectives but without harming competition in the retail mortgage market.
Labor knows strong action needs to be taken on these reforms and to better protect Australians from banking misconduct.
A Shorten Labor Government will establish a ground-breaking compensation package to enable victims to get fair compensation and create a Banking Fairness Fund to support community services that assist victims of bank misconduct.