Bill Shorten has written to Malcolm Turnbull demanding he consider a compensation scheme for the victims of banking misconduct.
The Labor leader also wants the prime minister to apologise for failing to agree to a royal commission sooner and to extend the one now if needed.
The Turnbull government is under pressure to admit it got it wrong after delaying a probe into the sector, with Financial Services Minister Kelly O’Dwyer refusing eight times on Sunday to concede it should have acted sooner.
Opposition leader Bill Shorten (pictured left) has written to Prime Minister Malcolm Turnbull (pictured right) demanding he consider a compensation scheme for the victims of banking misconduct
In the letter to Mr Turnbull, Mr Shorten says the first 14 days of the commission has heard shocking and shameful evidence of systemic wrongdoing and a culture of cover-up in the industry.
‘Along with many Australians, I can’t help but wonder how many customers were ripped off by this kind of misconduct in the two years it took the government to relent and agree to Labor’s calls for a royal commission,’ he writes.
‘How many Australians continued to be hit with ‘fees for no service’ in the two years the government continued to protect the banking industry from a royal commission?
The Labor leader also wants the prime minister to apologise for failing to agree to a royal commission sooner and to extend the one now if needed
Given the evidence, Mr Shorten insists it’s time for the government to seriously consider a compensation scheme for the victims of proven wrongdoing. He also wants the commission to be given more time and resources if requested.
Finance Minister Mathias Cormann has said if the commissioner asks for a longer inquiry it will be acted upon by the government.
‘Further, the victims of this shocking misconduct deserve an apology from your government that this royal commission was not established sooner,’ Mr Shorten says to Mr Turnbull, in a letter also sent to acting prime minister Michael McCormack.
On Sunday Ms O’Dywer talked up the coalition’s efforts to boost the standards for financial advisors, increase the penalties for misconduct and offer greater funding for the regulator ASIC.
Meanwhile Coalition colleague Barnaby Joyce told the ABC he has changed his views on a Royal Commission.
‘I apologise I argued against a Royal Commission, we should have had a Royal Commission,’ he said.
Treasurer Scott Morrison on Friday announced tough new penalties for shonky bankers and corporate criminals, with individuals found guilty of misconduct in the finance sector to face up to 10 years behind bars.
Corporations could be fined up to 10 per cent of their turnover.
On Sunday Ms O’Dywer (pictured) talked up the coalition’s efforts to boost the standards for financial advisors, increase the penalties for misconduct and offer greater funding for the regulator ASIC