Unusually, the polity is currently all on the same page on the regulation of financial services. The government admits it should have called the royal commission earlier. The penalties for breaching corporations law are to be strengthened. The Australian Securities and Investments Commission (ASIC) is recognised as gutless. The regulation of financial advice, and the role of the big banks in the provision of advice and wealth management services, is agreed to have been inadequate.
It's taken a lot of pain, wrecked lives and blatant criminality by not merely financial planners but some of the country's biggest companies to get here. And that's why a lame admission from the government that it waited too long isn't anywhere near enough.