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Calls for Royal Commission into corporate behaviour in the banking sector

The ACTU is calling for a Royal Commission into the banking sector.

ACTU Secretary Dave Oliver told Nick McCallum he is aware of 73 cases of misconduct in the banking sector from the last 5-6 years.

The cases include bribery, insider trading, misleading and deceptive conduct, stealing, and fraud.

‘Our view is that this is the tip of the iceberg,’ Mr Oliver said.

Prime Minister Malcolm Turnbull rejected the idea, saying an increase of funding and resources to corporate watchdog ASIC would be sufficient.

But Mr Oliver said ASIC alone isn’t stopping illegal activity.

‘Even though ASIC is there, we’re still seeing – on a daily or weekly basis – another scandal coming out,’ Mr Oliver said.

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