Newspaper article The Morning Bulletin (Rockhampton, Australia)

Banking Inquiry 'Not Far Enough'; Developer Who Went Bankrupt Claims Conduct Needs Attention

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Banking Inquiry 'Not Far Enough'; Developer Who Went Bankrupt Claims Conduct Needs Attention

Article excerpt

Byline: Michelle Gately michelle.gately@capnews.com.au

HE MAY not have been asked to testify at the banking royal commission but Rockhampton businessman Peter Comino still feels some sense of vindication following the findings of systematic misconduct in the financial sector.

However, Mr Comino believes there has not been enough investigation into bank guarantees and systems which allowed the institutions to rig rates and set up customers for failure.

Mr Comino was building the CBD Executive Apartments on Bolsover St in 2010 with plans to capitalise on Rockhampton's thriving accommodation and food scene.

He claims he was forced into bankruptcy while the building was in the final stages of construction, losing over $14m as the bank quickly sold off his property portfolio.

Mr Comino also lost his professional real estate and building licences, and consulting positions with major national and international companies.

He has lodged multiple complaints with financial services watchdog the Australian Securities and Investment Commission, but said it ignored the claims he made against ANZ.

Banking royal commissioner Kenneth Hayne QC was scathing in his criticism of the banking and finance sector, referring 24 matters, including all the major banks except Westpac, to ASIC and Australian Prudential Regulation Authority for further investigation.

However, Mr Comino was not confident this would achieve much given his own experiences with the regulators and Mr Hayne's repeated criticisms of the regulatory authorities.

He said ASIC had ignored issues which had since been highlighted as systemic misconduct through the royal commission.

This has been highlighted in the commission findings, with the regulator warned by Mr Hayne there was room to make it solely an investigative body and give prosecuting powers to someone else. …

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