Parliamentary committee calls for tribunal after bank inquiry
Posted November 24, 2016 11:37:52
A Federal Parliamentary committee has called for a banking tribunal to be established after its inquiry into the big four banks.
Bank chief executives were hauled before the Lower House committee last month after failing to pass on a rate cut earlier this year.
The Government-dominated inquiry has made 10 recommendations.
Chairman and Liberal MP David Coleman said the tribunal would be paid for by banks.
"A banking tribunal will be a one-stop shop that allows individuals and small businesses to gain recompense when they are wronged by a bank," he told Parliament.
"The current system does not provide consumers with a simple means of redress.
"A banking tribunal will provide practical relief to people with legitimate cases against banks.
"We should establish a banking tribunal, and it should be in place by July of next year."
More to come.
Topics: banking, industry, business-economics-and-finance, federal-parliament, government-and-politics, australia