There has been some 'emergency' repositioning occurring in Turnbull Government circles since Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry hearings began to reveal the extent of bad behaviour in the banking, finance and insurance sectors.
Former money market and bond trader with State Bank of NSW & Colonial State Bank,
Posting a video clip of what appears to be the one occasion he openly expressed disappointment with a bank during a committee hearing last year.
Even though Hogan
was on the House of Representatives Standing Committee on Economics when it conducted
a 2016-17 inquiry into Australia’s four major banks and the Committee's recommendations clearly showed that the inquiry revealed serious deficiencies in bank practices, he has never been on his feet in
the House of Representatives calling the banks out for unethical behaviour or supporting a call for a royal commission.
He certainly never voted for the creation of such a royal commission in October 2016 or June 2017.
Perhaps
because the National Party of Australia has received over $1.15 million in
political donation from the banking, finance and insurance sectors since the 2012-13 financial year - and MPs probably expect more donations ahead of the forthcoming federal election?
The second
round of Royal Commission public hearings
is currently considering the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations,and the sufficiency of the current legal and regulatory structure.
Mr. Hogan might allow himself to become a little more animated in his disapproval given some of the evidence involves the actions of independent financial advisers such as the jaw dropping example set out below,
But maybe not. There might be a smidgen of fellow feeling there, because Kevin Hogan just like the hapless Sam Henderson was also an independent superannuation consultant and before that had a regular financial segment on Sky News.
ABC
News, 24
April 2018:
A public servant was
impersonated while receiving financial advice from a high-profile financial
planner, the banking royal commission has heard.
Donna McKenna, who is a
Fair Work commissioner, told the inquiry she went to firm Henderson Maxwell
after seeing its chief executive Sam Henderson in the media.
Ms McKenna said if she
had followed the advice Mr Henderson gave her, she would have lost $500,000.
Mr Henderson followed Ms
McKenna in the witness stand.
The financial planner is
a regular media personality, with a show on Sky News Business channel and
articles published in the Australian Financial Review and Money Magazine.
Mr Henderson's appearance
before the commission did not get off to a good start, when it was revealed he
does not have a Master of Commerce degree, as stated in a 2016 financial
services guide from the firm.
The hearing was then
played a damning recording of a Henderson Maxwell employee impersonating Ms
McKenna in several phone calls to her super fund.
In the recordings, the
employee can be heard giving Ms McKenna's membership number and the State
Authorities Superannuation Scheme (SASS) representative refers to her as Donna….
he inquiry heard up to
six phone calls were made to the SASS super fund by Henderson Maxwell's
customer service officer.
Mr Henderson said the
information his employee had provided him about Ms McKenna's account was
inconsistent with the information given to him by Ms McKenna.
Mr Henderson refunded Ms
McKenna the nearly $5,000 in upfront advice fees she had paid.
The customer service
officer who impersonated Ms McKenna was not fired…..
Ms McKenna made a
complaint to the Financial Planning Association (FPA) about the quality of the
advice.
Despite complaining in
March last year, the complaint is still not finalised.
The inquiry heard Mr
Henderson responded to the complaint in a lengthy letter to the FPA, describing
Ms McKenna as "nitpicky" and her complaint as a "barrage of
aggressive and presumptive accusations".
In March this year, Mr
Henderson proposed a deal with the FPA that would see him admit to multiple
failings in the financial advice he provided to Ms McKenna and agree to
implement a number of changes at the firm.
The deal would have also
required the FPA to agree to not publish Mr Henderson's name in relation to the
proceedings.
The FPA wanted an
additional provision that would prevent Mr Henderson appearing in the media for
a year.
That proposal was not
acceptable to Mr Henderson and the complaint has not yet been formally resolved…..
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