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Parliamentary committee calls for tribunal after bank inquiry

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Bank inquiry: Parliamentary committee calls for tribunal to be established

Posted November 24, 2016 11:37:52

Related Story: Bank inquiry a victory for public relations
Map: Australia

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

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