ASIC chair James Shipton

This week, hearings at the banking royal commission should illustrate the silliness of the idea from the Australian Securities and Investments Commission (ASIC) and Treasurer Scott Morrison that positioning ASIC officials inside the big banks can somehow guarantee integrity and discourage misconduct. 

NAB has been exposed this week for charging dead people fees (which the Commonwealth Bank also did), charging fees when no service was provided (which the CBA and AMP both also did) and then taking months to decide that they couldn't devise an excuse for keeping the money and slowly returning it to its victims. That's before you get to the fact that NAB and its subsidiary knew that its MLC retail fund was underperforming because of its investment weightings, but preferred that weighting because it returned higher profits to the bank.