Advertisement
Advertisement
Advertisement

Tom Elliott makes a prediction in wake of Banking Royal Commission

3aw drive

The federal treasurer has rejected any suggestion the big banks escaped from the Royal Commission lightly.

Commissioner Kenneth Hayne savaged the culture of the banking sector in findings made public on Monday, referring several institutions to the corporate regulator for possible criminal charges.

There are 76 recommendations in the findings, 19 instances of possible misconduct through 22 entities while an overhaul of regulators’ powers and transparency around loan fees are other major points in the 950-odd page report.

“It’s a scathing assessment of conduct driven by greed, which fell far below community expectations,” Treasurer Josh Frydenberg said.

The government says it will adopt all 76 recommendations made by Mr Hayne.

Click PLAY below to hear Mr Frydenberg speak with Tom Elliott

While Mr Hayne declined to name individuals or companies that might face prosecution, political correspondent Michael Pachi told Tom Elliott there was one bank which received damning criticism.

“The only major bank that he really had a go at was the National Australia Bank,” Michael said.

“He just gave them a blast, it’s the only bank, only institution that he really gave a blast to.

“He was critical of the Chief Executive Andrew Thorburn.”

Tom Elliott says he thinks the banks had got off lightly, leading the 3AW Drive host to make a prediction.

“Andrew Thorburn won’t last too long,” he said.

“He’s been singled out for a lot of criticism.

“There has to be some scalps in the banking industry so people can see that justice has been done and the faults of the banking industry can be rectified and lessons have been learned.”

Click PLAY below to hear more from Tom Elliott

Click PLAY below for more

3aw drive
Advertisement