The major bank lobby group now wants to fix the Future of Financial Advice framework, but it was one of the major players in trying to water it down as much possible. It owes the community an apology.
The insurance industry is recycling an old defence used by the banks to ward off scrutiny — that its misconduct is the work of just a few bad apples. It will work about as well as it did for the banks.
The behaviour of life insurance companies is egregious, and regulation won't fix it. Governments must step in and re-establish government insurance companies.
The royal commission has shown that things in the retail super fund are far, far worse than suspected.
David Murray's self-interested warnings to the banking royal commission not to go too far would leave Australians at the mercy of a badly warped financial planning industry.
It seems unbelievable that AMP could make so many tactical mistakes and yet they keep coming.
David Murray thought regulating bank culture was Nazism, there was no need for a royal commission and the banks are regulated too heavily. As incoming chair of AMP, maybe his views have now changed, Glenn Dyer and Bernard Keane wonder.
Two major industries have demonstrated how our neoliberal policymaking process ends up producing a backlash that can damage the entire economy.
AMP chair Catherine Brenner is gone in the continuing fall-out from the banking royal commission. But what about the big banks -- when will their directors face some accountability?