Commissioner Kenneth Hayne’s final report has now been handed to the Governor-General after a year of investigations and interrogations, but just getting a banking royal commission started was a formidable task. The vested interests against it were as powerful as they come in Australia: the “big four” banks. But that was more like a speed hump compared with an almost insurmountable barrier; the major political parties, which were fiercely opposed to the idea. Three determined people took up the challenge and, in concert, forced the inquiry against very improbable odds. The whistleblower “Don’t say it, don’t say it” — Jeff Morris distinctly remembers the feeling he was getting from senators during his testimony before he said “it”. Mr Morris, who would ultimately become one of the most potent forces behind the establishment of the banking royal commission, had ventured to Canberra to front a senate inquiry into ASIC’s supervision of the Commonwealth Bank. “Every bank nutter who comes in and testifies calls for a royal commission,” Mr Morris said of his 2014 senate inquiry appearance. He felt many senators were thinking, “Oh, here we go, another nutter.” “Some people had always been calling for a royal commission, it had been… Read full this story
- Banking royal commission: How did we get here?
- Banking royal commission must help dismantle industry's business model
- Banking royal commission: Predatory practices, exploitation of Indigenous Australians revealed
- Banking royal commission report may crack the big four banks' financial dominance
- Banking royal commission: Dodgy Bankwest manager awarded Hayman Island trip for selling farm loans
- Banking royal commission: Cattle grazier blasts bankers as 'bullies'
- Banking royal commission: Fees for the dead and cash bribes — the greatest shocks (so far)
- Banking royal commission 'embarrassing' for 'inadequate' bank regulator APRA, says Allan Fels
- Banking Royal Commission: Can Justice Kenneth Hayne make a difference?
- What the banking royal commission might recommend in its final report
The three amigos who forced the banking royal commission have 310 words, post on www.abc.net.au at February 1, 2019. This is cached page on CuBird. If you want remove this page, please contact us.