The government is rushing one banking royal commission recommendation through parliament. But is it intended to harm industry super funds?
Kenneth Hayne's retention of the current consumer protections for financial services will guarantee a repeat of ASIC's failings for a long time to come.
ASIC's plan to send agents into banks to detect wrongdoing misses the point that ASIC rarely prosecutes anyone.
If you're wondering why ASIC doesn't crack down on corporate crooks harder, it's because it has to focus on the "strength" and "efficiency" of the financial system as much as fairness for customers.
ASIC can't be fixed -- it is the wrong regulator for a crucial job. Time for the ACCC to take over consumer finance regulation, Bernard Keane and Glenn Dyer write.
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.
At every stage over the last decade, the Liberals have tried to protect big banks and financial planners at the expense of ordinary Australians. And they knew the harm it was causing to people.
If we want decent corporate regulation, we need to look to the United States, where companies fear regulators who do their jobs properly.