A federal MP is encouraging her constituents who may have been victims of misconduct in the banking, insurance and financial sector to report it to a new senate inquiry.
“Late last year the Labor Party was successful in instigating an inquiry into consumer protection in the banking, finance and financial sector,” said Anne Stanley, the Member for Werriwa since the July election.
“This inquiry is an opportunity for those who have experienced misconduct, scandals and rip offs to have their voices heard by the Senate,’’ the MP said.
The inquiry will examine:
• The impact of misconduct in the banking, insurance and financial services sector on victims and on consumers;
• The impact on consumers of executive and non-executive remuneration as well as incentive based commission structures and fee-for-no-service structures;
• The culture and chain of responsibility in relation to misconduct within entities within the sector;
• Any failures that are evident in the regulatory or legislative frameworks for the protection of consumers;
• The adequacy of legal advice and representation for victims of misconduct; and
• The availability and adequacy of redress and compensation for victims.
The inquiry will include the impact on small businesses.
It will also look into the social impacts of consumer protection failures in the financial services sector.
“Making a submission to the committee is simple, and the submission does not have to be long,’’ Ms Stanley said.
Consumers can make a submission either online or via posted mail by March 7.
The Senate Committee’s website here has all the key information you will need.
“I encourage anyone who has experiences to share to do so,’’ Ms Stanley said.
“Please contact my office if you require any further information.”
