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Hypocritical Hockey should stop making ASIC his scapegoat and bring on CBA royal commission

Media Release
Peter Whish-Wilson 16 Jul 2014

Media reports of the Treasurer's party room attack yesterday on ASIC over the CBA scandal are the height of hypocrisy given the Government both removed $120 million of funding from ASIC in the May budget and are reluctant to bring on the royal commission into CBA behaviour recommended by a Senate inquiry.

"At the same time as the Government is cutting ASIC's budget, the Treasurer has the audacity to call for them to be a stronger regulator," said Australian Greens Senator Peter Whish-Wilson.

"This Government doesn't care about consumers and, with the help of coal baron Clive Palmer, it has pushed through financial advice regulations opposed by Choice and Seniors Australia.

"Hypocritical Hockey should stop making ASIC his scapegoat and bring on the CBA royal commission.

"The Treasurer can say whatever he likes in the Coalition Party room, the Government's actions prove they are not interested in stronger safeguards or protection of consumers receiving financial advice," Senator Whish-Wilson concluded.

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Media contact: Thomas Moore - 0409164603


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