Labor Plans Financial Industry Royal Commission

laborIf the Labor wins the next election, they have announced plans to implement a review of the financial services sector – an industry that has been rocked by scandals recently.

Opposition Leader Bill Shorten and shadow treasurer Chris Bowen plan on holding a royal commission into the finance sector if they win the next election.

Mr Shorten explained that public confidence in the banking and finance sectors had taken a hit in recent years and tens of thousands of victims have paid the price, being ripped off by planners, small businesses going out of business because of banks and major insurance companies denying terminally ill people claims.

The royal commission is expected to cost $53 million and will probably take 2 years to complete.

Read more: http://www.smh.com.au/business/banking-and-finance/labor-calls-for-royal-commission-into-finance-20160407-go1dnr.html#ixzz45Yz8joJC