In fairness: while the Liberal Coalition government, banks and insurers are now all looking pretty sheepish over the revelations that there has been serious diddling going on, in the interest of fairness we would like to remind readers of October and Novemeber 2017 where Liberal member for Gilmore Ann Sudmalis was ready to cross the floor against her own party to push for a royal commission. In October 2017 Ann Sudmalis was one of three Coalition MPs are considering breaking ranks and voting against the Federal Government in a renewed push to establish a royal commission into the banks. At the time Ann Sudmalis was considering her options saying she was frustrated by the slow pace of change. In November 2017 Ann Sudmalis put out the following media release: Since 2013, I have been contacted by and have continually met with many constituents who had been disadvantaged and mistreated by banks and financial services. In my first term I joined the Joint Standing Committee on Corporations and Financial Services, and worked closely with many of my colleagues such as the previous member for Berowra, The Hon. Phillip Ruddock MP. This committee concluded that many Australians are affected by banking misconduct as this issue has impacted many families in my electorate; this has become a very passionate issue of mine. Over time, I have worked closely with the Prime Minister and Treasurer as well as many of my other colleagues on the matter of banking reform. We have moved to establish a new one-stop shop to resolve customer complaints; significantly bolstered by the Australian Securities and Investments Commission’s powers and resources; created a framework to hold banking executives accountable for their actions; and acted to boost banking and financial services competition for the benefit of customers. I have researched this issue and worked on it both independently and collaboratively, and I welcome the Prime Ministers announcement this morning of a Royal Commission into banking misconduct and other financial services. The enquiry aims to:
1. Action to Improve Professional Standards
2. Action to Reduce Consumer Costs
3. Action to Strengthen the Stability of the Financial System
4. Action to Create Competition That Helps Consumers
The investigation will run for a period of 12 months with the final report due in the beginning of 2019. I want to thank every one of my constituents who have raised an issue of banking misconduct, and I look forward to real results for those that have been through the system.
