Prime Minister Tony Abbott won’t be rushed into another inquiry over Commonwealth Bank financial advisers.
Prime Minister Tony Abbott says people expect action from their government, not endless reviews.
He says he won’t be rushed into a further inquiry of the scandal surrounding Commonwealth Bank financial advisers which has caused thousands of investors to lose their savings.
Instead, he wants to first consider a parliamentary report on the issue.
Mum and dad investors needed to be protected, Mr Abbott said on Thursday, but there also needed to be maintenance of a market where inevitably people do face a certain amount of risk.
“It’s a question of getting the balance right and that is why we are going to carefully study the Senate committee report,” the prime minister told reporters in Melbourne.
The government has already commissioned a review of the financial sector more generally and that will include the role of the Australian Securities and Investment Commission and whether more needs to be done to insure that people are protected.
“I don’t want to overdo the reviews because in the end, what people expect from government is appropriate action not endless study, particularly studies which don’t necessarily lead to outcomes,” he said.
Labor has called for a royal commission into the CBA’s misconduct.