Royal Commission Review

Running head: ROYAL COMMISSION REVIEW
Royal Commission Review
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ROYAL COMMISSION REVIEW
The Australian
Feb 3 2018
A royal commission will be launched by the Australian Government into the finance
sector after reporting hundreds of cases regarding scam, over-charging and fraud of ATM and
bank fees. The decision came as a relief after fraudulent transactions was held responsible for
situating the whole banking sector in a menacing territory. Speculations have been going on for
long, however, the decision has been implemented to elevate the banks from the abyss of forgery
and cheat that had plagued it year after year.
The settlement came in the wake of a series of scandals stretching over the last ten years
which constantly pointed towards the flawed and incompetent structure within the banks. The
Commonwealth Bank has created a gulf in public trust and confidence towards it after it failed to
protect money laundering and terrorism subsidizing. The issues came to the forefront after
evidences supported drawing of millions of dollars from Australia by foreign criminal syndicates
that included renowned drug traffickers. Previously Maurice Blackburn Lawyers were hold
responsible for conducting a brief inquiry into the internal on-goings of the banks to which
Commonwealth fully agreed to co-operate according to the sources.
Opposition sources have allegedly commented that the step is completely irrelevant and
an extravagant step on the part of the government which will cause unnecessary distractions
without solving the immediate problem at hand. They have opined that the decision can hint at

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ROYAL COMMISSION REVIEW
the uncertainty hovering over the financial system of Australia and has the potential to jolt the
confidence of offshore investors.
The intervention however is promising of extracting valid answers for the loss of
hundreds of millions of dollars from the common mass and other punishable offence like forging
signatures, overcharging and generating fake and s investment accounts. Financial analysts have
predicted that the unethical methods and delays in paying licit claims will be made crystal clear
after the Royal Commission’s intervention. Although the action will costs but it will be effective
in detecting the disappearance of million dollars of money, as Jeff Morris, the financial planner
of CBA in Sydney, hopes.
On the other hand, the Royal Commission is surely a challenging and bold step which
could further tumble down the economy. But again there is the all pervasive question regarding
the resolution of a conflict that has tangled millions of public money. On the positive side, one
can rely on the deep inquiry that the Commission has promised to conduct which would place the
banks under some serious scrutiny. According to mass opinion it is a imperative considering the
current circumstances even though at the expense of the reputation of Australian banking sector.
An alternative to the conflicting situation could have been a tight security from the
Australian Government, setting up of a competent panel and to resolve the issue internally so as
to avoid the intervention in full glare. It is true that the scenario has taken a dramatic shape in the
absence of frameworks and policies within the nation’s strongest baking group as the opposition
contends, but right what could have been the other way of seeking justice?