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Wednesday, April 10, 2019 8:39:18 PM
Three more AMP directors leave in wake of bank royal commission scandal
"Banking royal commission delivered a manifesto for political action, so when will we see it?
"AMP CEO RESIGNS OVER SCANDALS" "
By Stephen Letts
Updated 8 May 2018, 1:26pm
The blood-letting from AMP's disastrous appearances at the bank and financial services royal commission has continued with three more directors leaving the board.
https://www.abc.net.au/news/2018-05-08/three-more-amp-directors-leave/9737928
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NAB’s Andrew Thorburn and Ken Henry quit after royal commission lashing
February 7, 2019 2.25am EST •Updated February 7, 2019 4.46am EST
https://theconversation.com/nabs-andrew-thorburn-and-ken-henry-quit-after-royal-commission-lashing-111363
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Labor to hit banks and financial institutions with $640 million levy
By political reporter Matthew Doran
Updated 25 Feb 2019, 2:24pm
Photo: The levy would target major banks, such as Commonwealth and NAB, as well as
smaller institutions. (ABC News: Stephanie Anderson)
Related Story: Labor proposes raising compensation cap for bank misconduct victims to $2m
https://www.abc.net.au/news/2019-02-22/labor-party-compensation-proposal-banking-misconduct/10835844
Related Story: What's the deal for consumers in the wake of the banking inquiry?
https://www.abc.net.au/news/2019-02-05/banking-royal-commission-the-deal-for-consumers-now/10778078
Related Story: Hayne's findings shouldn't be a shock; the banking scandals were decades in the making
https://www.abc.net.au/news/2019-02-25/labor-hits-banks-with-640-million-levy/10844908
Labor leader Bill Shorten has announced plans for a $640 million levy on the nation's large banks and financial institutions aimed at supporting people ripped off by the financial sector.
The Federal Opposition argues it is the best way to respond to the findings of the banking royal commission, promoting and funding new services in the financial sector.
The levy would raise $160 million a year over four years, targeting any financial institution in the top 100 companies on the ASX.
That would include the major banks, such as Commonwealth and NAB, as well as smaller institutions, including Bendigo and Adelaide Bank, Suncorp, Macquarie and AMP.
"This is a very small amount," Mr Shorten said.
"We just say to the banks, we really don't expect you to complain about this, why should the taxpayers clean up the problems caused by predatory practices?"
A total of $320 million from the fund would be used to double the number of financial counsellors across the country, from 500 to 1,000, to support Australians in financial strife.
"Anyone who's ever been hard up financially, and understood the dilemmas that you can get into with mounting debt, we all know you need someone to go to for help," Mr Shorten said.
"Our financial counsellors are the front line in protecting literally tens of thousands of vulnerable Australians from exploitative and predatory practices of the big banks and other financial institutions seeking to take advantage of everyday Australians."
The nation's big banks have already been hit with a tax on their operations, announced under former prime minister Malcolm Turnbull.
The Coalition has rubbished the idea.
"The Labor Party's answer to every question, Bill Shorten's answer to every question, is higher taxes," Mr Morrison said.
"I mean, how much tax does he think the Australia economy can bear?"
Mr Morrison said his government was working to implement the findings of the royal commission.
https://www.abc.net.au/news/2019-02-25/labor-hits-banks-with-640-million-levy/10844908
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Federal election 2019: Scott Morrison says 18 May is date Australia will go to polls – politics live
PM launches Coalition’s campaign, parliament is prorogued and Bill Shorten expected to speak at 11.30. All the day’s events, live
LIVE Updated 1m ago
https://www.theguardian.com/australia-news/live/2019/apr/11/australian-election-campaign-2019-officially-under-way-politics-live
Expectation is Morrison has run out of time.
"Banking royal commission delivered a manifesto for political action, so when will we see it?
"AMP CEO RESIGNS OVER SCANDALS" "
By Stephen Letts
Updated 8 May 2018, 1:26pm
The blood-letting from AMP's disastrous appearances at the bank and financial services royal commission has continued with three more directors leaving the board.
https://www.abc.net.au/news/2018-05-08/three-more-amp-directors-leave/9737928
*
NAB’s Andrew Thorburn and Ken Henry quit after royal commission lashing
February 7, 2019 2.25am EST •Updated February 7, 2019 4.46am EST
https://theconversation.com/nabs-andrew-thorburn-and-ken-henry-quit-after-royal-commission-lashing-111363
*
Labor to hit banks and financial institutions with $640 million levy
By political reporter Matthew Doran
Updated 25 Feb 2019, 2:24pm
Photo: The levy would target major banks, such as Commonwealth and NAB, as well as
smaller institutions. (ABC News: Stephanie Anderson)
Related Story: Labor proposes raising compensation cap for bank misconduct victims to $2m
https://www.abc.net.au/news/2019-02-22/labor-party-compensation-proposal-banking-misconduct/10835844
Related Story: What's the deal for consumers in the wake of the banking inquiry?
https://www.abc.net.au/news/2019-02-05/banking-royal-commission-the-deal-for-consumers-now/10778078
Related Story: Hayne's findings shouldn't be a shock; the banking scandals were decades in the making
https://www.abc.net.au/news/2019-02-25/labor-hits-banks-with-640-million-levy/10844908
Labor leader Bill Shorten has announced plans for a $640 million levy on the nation's large banks and financial institutions aimed at supporting people ripped off by the financial sector.
The Federal Opposition argues it is the best way to respond to the findings of the banking royal commission, promoting and funding new services in the financial sector.
The levy would raise $160 million a year over four years, targeting any financial institution in the top 100 companies on the ASX.
That would include the major banks, such as Commonwealth and NAB, as well as smaller institutions, including Bendigo and Adelaide Bank, Suncorp, Macquarie and AMP.
"This is a very small amount," Mr Shorten said.
"We just say to the banks, we really don't expect you to complain about this, why should the taxpayers clean up the problems caused by predatory practices?"
A total of $320 million from the fund would be used to double the number of financial counsellors across the country, from 500 to 1,000, to support Australians in financial strife.
"Anyone who's ever been hard up financially, and understood the dilemmas that you can get into with mounting debt, we all know you need someone to go to for help," Mr Shorten said.
"Our financial counsellors are the front line in protecting literally tens of thousands of vulnerable Australians from exploitative and predatory practices of the big banks and other financial institutions seeking to take advantage of everyday Australians."
The nation's big banks have already been hit with a tax on their operations, announced under former prime minister Malcolm Turnbull.
The Coalition has rubbished the idea.
"The Labor Party's answer to every question, Bill Shorten's answer to every question, is higher taxes," Mr Morrison said.
"I mean, how much tax does he think the Australia economy can bear?"
Mr Morrison said his government was working to implement the findings of the royal commission.
https://www.abc.net.au/news/2019-02-25/labor-hits-banks-with-640-million-levy/10844908
*
Federal election 2019: Scott Morrison says 18 May is date Australia will go to polls – politics live
PM launches Coalition’s campaign, parliament is prorogued and Bill Shorten expected to speak at 11.30. All the day’s events, live
LIVE Updated 1m ago
https://www.theguardian.com/australia-news/live/2019/apr/11/australian-election-campaign-2019-officially-under-way-politics-live
Expectation is Morrison has run out of time.
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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