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Rudd cuts out financial services' key players in global crisis.



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Fri, 24th October 2008 RUDD CUTS OUT FINANCIAL SERVICES’ KEY PLAYERS IN GLOBAL CRISIS

The Hon Chris Pearce MP Shadow Minister for Financial Services, Superannuation and Corporate Law

Chris Pearce today expressed concern that Kevin Rudd and Wayne Swan seemed to have cut out key stakeholders in Australia’s financial services industry during this fiscal crisis.

“Of course, the big four banks should be consulted,” said Mr Pearce.

“But that should not be at the exclusion of other key stakeholders such as wealth management and insurance companies.

“Kevin Rudd and Wayne Swan are ignoring other major players in Australia’s financial services sector.”

“Why hasn’t the Prime Minister and Treasurer consulted these other key players that have millions of Australians as customers - customers who are equally impacted by this global financial crisis?

“In today’s media, we read that numerous financial institutions are taking coercive action and yet these financial institutions don’t seem to be of interest to the Prime Minister or the Treasurer”.

Chris Pearce urged Kevin Rudd and Wayne Swan to consider the broader ramifications of their actions and to include all sectors of the financial services industry in their deliberations, as a matter of urgency.