The Banking Royal Commission claimed its first high-profile scalp, this week, as the Chief Executive Officer of the once highly-respected institution - AMP - was forced to resign.
Three important things flow from this
- The resignation of one banking boss for the serious crimes committed on his watch has enormous ramifications for the captains of the finance sector. If more perfidious behaviour is uncovered in other financial institutions - a bankable proposition - pressure on other bank bosses to resign will be overwhelming.
- The Royal Commission will recommend a significant shake up in the finance sector. The presently mooted forced separation of the banks from their financial advising businesses seems certain as it is the tip of a very big iceberg.
- Malcolm Turnbull who declared the Royal Commission unnecessary is hopelessly compromised. Not because he is a former banker, himself - there are plenty of examples of poachers turned game keeper but rather because the public will never accept that a government so opposed to the inquisition can mount a credible response to the significant fraud, deception, and unlawful behaviour which has been uncovered.
Telecommunications Industry Ombudsman Report
It’s a little known fact that the telecommunications sector receives about four times the number of complaints that the banking sector does. Yet, there’s no Royal Commission into the telecommunications sector.
This week, the Telecommunications Industry Ombudsman handed down its six-monthly assessment of complaints. Complaints are up all over the sector but the standout was a massive 204 per cent increase in NBN-related complaints. Last year, the Communications Minister promised that 2018 would be the year of the consumer. It seems a distant memory with complaints received by the watchdog increasing at more than twice the rate of new homes connected.
Australia Day Fundraising
A big congratulations to all the volunteers and organisations who will receive support from this year's Shellharbour City Council Australia Day celebrations.
MCCI School Holiday Program
Shout out to MCCI and their school holiday program. Plenty of events and activities happening.