Malcolm Turnbull about coalition's economic record

Australia’s Politicians in for Rude Awakening

On the evidence, it’s open to the Commissioner to find that AMP Financial Planning.. may have breached its obligation ..to. compl(y) with financial services laws

 Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

Sometime in the near future, the Government will experience an epiphany.

It will realise that in exchange for taking all their phone calls, accepting their many speaking engagements and taking all their political donations, they will suddenly appreciate that the banks have deliberately taken them for a ride.

On the evidence, it’s.. open to the Commissioner to find ..that NAB may have breached its statutory obligation ..to do all things to ensure that the financial services .. were provided efficiently, honestly and fairly..

Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

They will come to understand that they have been swindled by the very same people who have constantly reassured them that everything was fine. That they had it all under control and there was nothing to be worried about.

On this evidence, it is open to the Commissioner to find that Dover might have engaged.. in misleading and deceptive conduct.. failed to comply with financial services laws, [and] include[ed][sic] unfair contract terms..

Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

It’ll be a rude awakening when our high-ranking politicians and senior public servants grasp the reality that the financial careers they thought they had negotiated for themselves after retirement — the ones who are highly paid and extremely leisurely — are unlikely ever to be offered to them again.

It is open to the Commissioner to find that in giving advice to his clients, Mr Doyle may have breached his statutory obligation.. to give ..clients a statement of advice. ..to act in the best interests of clients..

 Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

The major political parties, having stuck their collective necks out during the last financial crisis, will be livid that the unwavering support they offered — both financially and politically— almost without question to the entire sector, has been thrown back in their faces.

The evidence ..demonstrated that senior management and employees of AMP.. were aware that the conduct was a breach of their financial services licences but continued to engage in the conduct.  It also showed that despite attempts from more junior staff to convince senior management of AMP advice licensees to cease charging fees for no service, they continued to do so…

 Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

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The party’s over

Once the penny drops and Australia’s political class recognises that not only have ordinary people been defrauded, but they have also been brutally deceived, will the worm turn. Only then will there be a price to be paid.

On the evidence, it is open to the Commissioner to find that Westpac .. may have breached its statutory obligation.. to do all things to ensure that the financial services .. were provided efficiently, honestly and fairly…[and] .. to take reasonable steps to ensure that ..[it] complied with the financial services laws

 Senior Counsel Assisting The Royal Commission, Rowena Orr QC (Friday, 27 April 2018)

The years of shared dinners, self-congratulatory presentation nights, plush award ceremonies and charity fund raisers between bankers, regulators and politicians, will come to an end. The sly nod, the wink of the eye, the whispered reassurance won’t be enough anymore.

Because when the royal commission comes to an end in a few months’ time, the disgraced financial services industries and their appeals for attention will be ignored. They will no longer have the ear and the favour of the powerful political class.

They would have moved on, looking for more fertile ground.

Perhaps they will look to another large sector of the economy, one which is famous for its efforts to curry favour and woo the powerful. A sector with deep pockets, willing and cunning enough to know how to make friends and influence people.

One that turns over billions, owns large tracts of Australia and commands the loyalty of millions.

I wonder who that will be?

Duncan Wade

Duncan Wade

Duncan Wade has been working in the publishing and newspaper industry for 30 years. During that time, he has worked for numerous publications, mostly in regional areas. He has an interest in the big issues, the economy, politics and defence. Duncan believes that Australians have been extraordinarily lucky over the years, but there are some serious challenges on the horizon. He is a father of three girls, lives in a regional area and previously a tragic of his beloved Lions — the Fitzroy Football Club.

Comments: 1

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  1. the politicians are for in for a rude awakening, but i have the feeling this royal commision is the least of their problems. One of their own, they cast adrift unfairly and illegally, might just come back and bit those crooked lawyer/politicians on the bum. If it happens, boy oh boy will it be fun to watch. Looking at you Brandis