The Greens have secured legislation that will enforce civil penalties of up to $1.1 million for bankers who do not ensure proper conduct within financial institutions.
“The Greens have secured million dollar fines for dodgy bank executives,” Greens Economic Justice spokesperson Senator Nick McKim said.
“We recently had a once in a century Royal Commission that uncovered a litany of misconduct. But most bankers who ripped off their customers went unpunished, or even left with massive payouts.”
“The new Financial Accountability Regime will require bankers to take reasonable steps to ensure that banks are not ripping off customers.”
“The amendments secured by the Greens will ensure that if bankers breach their accountability obligations then they will get hit hard in their hip pocket.”
“The Morrison Government used the cover of the pandemic to go soft on the banks – the Greens will not allow the rot set in again.”
“We recently forced the government to commit to implementing outstanding Royal Commission recommendations after running dead on them during the election campaign.”
“We’ve also just secured the inclusion of dividends paid by bank owned super funds in a new super transparency report.”