Barnaby Joyce’s bank back down

27/04/2020 Posted by admin

BARNABY Joyce says he was “naive” and “wrong”toargue against the banking royal commission, which has uncovered a string of misconduct claimsthat he described as “beyond disturbing”.
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As deputy prime minister and Nationals leader, Mr Joyce argued the royal commission wasn’t needed, as the government’s financial sector watchdog ASIC already had all the power it needed to prosecute rouge operators.

“I have apologised for being so naive to have swallowed their line of ‘we are good corporate citizens’ –maybe they should now as well,” Mr Joyce said.

Barnaby Joyce

“They should consider whether they should be in the financial planning business after the evidence delivered. It appears from evidence to be too much of a conflict of interest and a temptation for them,” he said

Mr Joyce blasted the banks for “blatantly taking the support of government” as justification to do what they like, and said they need to do a lot of work to rebuilt the trust of the Australian community.

This week, the inquiry’s hearings have focused on AMPcharging clients for financial advice that was not provided, with a top executive on admitting the wealth giant had misled ASIC 20 times over the issue.

In the past I argued against a Royal Commission into banking. I was wrong. What I have heard is so far is beyond disturbing.

— Barnaby Joyce (@Barnaby_Joyce) April 18, 2018The Leader.

“I hope what comes out of this is that we clean out the rouges and those who have done wrong face the music as far as punishment goes.

“The culture in our financial institution need to change from this culture of profit before people.”

Senator Williams hassuggested the royal commission should be extended beyond February if commissioner Kenneth Hayne deemed it necessary.

Northern Daily Leader

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