on air now

Big banks under the spotlight as royal commission begins

The royal commission into banking misconduct and the superannuation industry commenced on Monday in Melbourne.

Royal Commissioner Kenneth Hayne, former high court justice, has said people who are whistleblowers need to be protected.

He also made it clear individuals will not be able to hide behind secrecy agreements.

“A confidentiality clause will not act as a reasonable excuse against production.”

Ross Greenwood speaks with a man who has been following the royal commission, Senator John ‘Wacka’ Williams.

“I want it to achieve something meaningful.

“I’m worried that those who have had deeds or settlements with financial institutions and have signed that confidentiality clause, can they come forward?”

Listen to the full interview below

Ross also speaks with Bendigo and Adelaide Bank CEO Mike Hirst who has consistently been calling for a level playing field in the banking sector.

“I think you’re right in saying it is motivated for political reasons, but the reality is, if there weren’t concerns in the community about the ways banks have been behaving on certain issues, there wouldn’t have been a groundswell of political intent to make it happen.

“My hope is there’s a real balance brought to the findings of the commision, that they acknowledge the good things done by banks.

“We’ve got one of the best banking systems in the world when you think about the stability.”

Listen to the full interview below