Greens Slam Potential Deal on Financial Accountability Regime


The Greens have criticised the possibility of a deal between Labor and Liberal to pass the Financial Accountability Regime (FAR) without fines for law-breaking bankers.

"The Hayne Royal Commission highlighted the systemic misconduct and greed within the banking and financial services industry, and if we are going to change that we need the threat of large fines on bank executives who break the law,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“Having already broken the agreement struck with the Greens to create million dollar fines for banking executives, Minister Jones pledged to consult in good faith on the Bill.”

“That should not mean just asking the big banks for marching orders.”

"Labor has a choice here. It can support consumers by working with the Greens to impose fines on dodgy bank executives, or it can join the Liberals and roll over to the big banks.”

“Any deal between the major parties would be yet another sign that the big banks are still calling the shots in Parliament."