Scott Morrison Says Banks Royal Commission Hasn't Been Too Short
Prime Minister Scott Morrison says he hasn't been asked to extend the royal commission into financial services but rejects suggestions the inquiry has been hastily conducted.
Banking Royal Commissioner Kenneth Hayne is due to release his interim report on Friday, highlighting problems with the regulation of the sector and shocking examples of misconduct by some of the nation's biggest companies.
Only 27 victims have so far had their stories heard out of the 9300 submissions.
"Commissioner Hayne has not asked for an extension. If he asked for an extension then he will get one," Morrison told reporters in Sydney on Friday.
"I think that the royal commission has been very vigorous in looking at the details of all of these quite heartbreaking cases for many Australians and being given them the weight that is necessary."
The prime minister denies the inquiry has been a "once-over quick hit job", while Labor wants the royal commission extended so thousands more victims can tell their personal stories.
Labor spokeswoman Clare O'Neil said the commission needs time to visit regional areas.
Treasurer Josh Frydenberg said banks and other financial institutions have fallen far short of public expectations.
"Six rounds of hearings and more than 9300 submissions have made clear that some financial institutions have fallen far short of treating Australians honestly and fairly," Frydenberg said.
"Fees charged to dead people, fees for no service and allegations of 300,000 breaches of providing unsolicited insurance advice, is simply not good enough."
The treasurer said the commissioner and his team had done an outstanding job.
To date, the government has introduced a banking executive accountability regime, increased civil and criminal penalties for financial misconduct, set up a one-stop shop to resolve complaints (the Australian Financial Complaints Authority), appointed a "special prosecutor" and given ASIC $70.1 million for a revamped strategy and enforcement.