.ALeighMP: We have asked the banks to pay for this additional investment into financial counsellors. It will take the total number of counsellors from 500 to 1,000. Labor will also invest in tax clinics. MORE: amagenda
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Labor giving ‘mixed signals’ on Christmas Island stance | Sky News AustraliaSky News host Chris Kenny says Labor has been giving ‘mixed signals’ on crucial issues facing the country, including its Christmas Island and border protection stance. \n\nMr Kenny says it’s unclear whether or not the party supports the decision to send asylum seekers to Christmas Island for medical treatment under the medivac legislation. \n\nMr Kenny says Labor is ‘every which way but loose’ when it comes to border protection, ‘wanting to run from it’ while the government will be wanting to talk about it. \n\nImage: News Corp Australia\n\n\n\n\n\n
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Harsh Labor policy seeks to 'make the big banks pay' | Sky News AustraliaOpposition leader Bill Shorten has vowed to compensate victims of misconduct in the banking and financial sector, saying he will 'make the big banks pay'.\n\nThe plan seeks to give Australians unprecedented new rights to demand payments from the banking and finance companies to recover personal losses under a retrospective law.\n\nLabor's policy would also allow more consumers to apply for help, offering a longer timeframe in which to do so.\n\nConsumers will also be able to have their case reheard if they feel they've missed out due to a 'bad decision' by the ombudsman or courts.\n\nImage: News corp Australia\n\n\n\n\n
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Labor announces reform to mortgage broker sector | Sky News AustraliaLabor has announced it will legislate a 'flat fee' for mortgage brokers, in an apparent backflip from its earlier pledge to enact all the recommendations from the banking royal commission.\n\nThe commission made 76 recommendations, with the most controversial being that borrowers would pay an upfront fee to mortgage brokers.\n\nThe move was designed to ensure brokers would not recommend an inferior product to the lender in order to secure a larger commission from the bank.\n\nAfter intense lobbying by the mortgage broker industry, Labor announced on Friday it will not implement the commission's recommendation for the sector and instead will ban trailing commissions from lenders to mortgage brokers and implement a flat fee.\n\nThe move comes as Labor leader Bill Shorten vowed to compensate victims of misconduct in the banking and financial sector, saying he plans to give Australians unprecedented new rights to demand payments to recover personal losses under a retrospective law to be passed if Labor wins the next election.\n\n\n
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Labor vows to ‘name and shame’ the big banks | Sky News AustraliaAustralian Financial Review’s John Kehoe says Labor is planning to increase scrutiny over the big four banks in the wake of the Hayne royal commission.\n\nLabor has announced additional accountability measures for the banking sector, with the big four banks being compelled to report to parliament every six months on their progress in addressing the cultural problems revealed in the banking royal commission.\n\nThe opposition will also establish an implementation committee within the Treasury department to ensure the recommendations from the banking royal commission are being carried out.\n\nCommissioner Kenneth Hayne delivered 76 recommendations in his final report, one of which was the abolition of commissions for mortgage brokers and greater oversight powers for regulators.\n\nMr Kehoe told Sky News Labor’s plan to ‘name and shame’ banks will play well with the electorate in the lead up to the federal election.\n\n\n\n
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Labor announces response to banking royal commission | Sky News AustraliaLabor frontbencher Richard Marles says the Australian public is 'crying out' for politicians to legislate changes to the financial sector in the wake of the banking royal commission.\n\nThe Opposition is promising to crack down on the big banks by forcing them to reveal how they plan to uphold the royal commission’s recommendations if it wins the next election.\n\nUnder the proposed new laws, banks and regulators will be required to develop plans to clean up their code of conduct with a review every six months.\n\nLabor is also planning to scrutinise financial companies which offer 'dodgy' funeral insurance or car loans.\n\nMr Marles says it's 'ridiculous' parliament is not sitting for longer in order to respond to some of the 76 recommendations handed down by Commissioner Kenneth Hayne.\n\nHe told Sky News 'it's a joke' the Coalition is not allotting more time for parliament to respond to the problems within the banking and financial sectors.\n\nImage: News Corp Australia\n\n\n
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