A potential $1 billion refund request from ASIC will lead many to think the banks are being penalised. This is far from the case.
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 Hayne royal commission interim report is a missile fired at the neoliberal fantasy at the heart of financial services regulation in Australia.
The interim report of the banking royal commission has been released and as expected it is harsh on the banks, AMP and regulators.
A new kind of regulatory approach is needed for financial services, but whether the royal commission can recommend one isn't clear.
The behaviour of life insurance companies is egregious, and regulation won't fix it. Governments must step in and re-establish government insurance companies.
Kenneth Hayne and his royal commission will likely reshape financial services for decades to come.
Crikey readers respond to the dark dealings of the insurance industry and the moral fall of Aung San Suu Kyi.
The comprehensive failings of the insurance industry on display in the financial services royal commission demonstrate the need for much harsher penalties.