The Finance Brokers Association of Australia has come out in support of Labor’s proposal for a royal commission into the banking sector.
More than 1000 banking executives across the country have taken a written oath to abide by high ethical standards but the FBAA’s Peter White says words aren’t enough.
“How ironic for bankers to sign an oath promising to lift values and ethics when the spotlight is now on them for filling their pockets and failing to pass on the full interest rate cuts,” he told Broker News.
“If they want to show they are ethical and hold values then actions must speak louder than words.”
“CEOs and senior managers are pocketing enormous bonus payments for reaching billion-dollar profit targets but where is the reduction in credit card rates which are at an all-time high?”
Mr White wasn’t backward in coming forward on the issue, slamming the Banking Finance Oath, saying customers won’t be fooled by what is little more than a publicity stunt.
“A need for an oath to uphold better values simply tells me and the community that banks are admitting they haven’t acted ethically in the past,” he told Broker News.
“Let’s put this bill to Parliament and bring on a royal commission as this behaviour is offensive to borrowers and depositors across Australia.”