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Topic: banking
The useless apologies of the banking royal commission

The useless apologies of the banking royal commission

As the "sorry" pageant rolls on, we have to remember the physical impossibility of apology in the mind of something not living.

How much will the royal commission end up costing the banks?

How much will the royal commission end up costing the banks?

A potential $1 billion refund request from ASIC will lead many to think the banks are being penalised. This is far from the case.

Big corporations wield political power in way that eludes our economic watchdog

Big corporations wield political power in way that eludes our economic watchdog

In taking a purely economic approach to banking competition, the Productivity Commission failed to recognise the politics of big companies.

ASIC’s army of agents won’t do a thing. Let the ACCC at the banks.

ASIC’s army of agents won’t do a thing. Let the ACCC at the banks.

ASIC's plan to send agents into banks to detect wrongdoing misses the point that ASIC rarely prosecutes anyone.

Tips and rumours

Tips and rumours

Something is rotten in the state of Danish banking, the reinsurers of the world want nothing to do with coal, and Sky News is hunting for a new boss.

Is it time to consider the nuclear option in regulating competition?

Is it time to consider the nuclear option in regulating competition?

We've been too hands-off on competition in Australia and the result if major industries dominated by oligopolies.

The biggest banking rip-off is still to come

The biggest banking rip-off is still to come

The biggest rip-off in financial services is the huge fees charged by retail superannuation funds, which flow to the big banks and AMP for delivering poorer performance.

ASIC boss puts the corporate back into corporate regulation

ASIC boss puts the corporate back into corporate regulation

The chairman of the corporate regulator says it "stands ready" to do its job but would prefer banks to self-regulate. We've been there, done that, and it failed horribly.

If I were the banks, I wouldn’t be losing sleep over the royal commission

If I were the banks, I wouldn’t be losing sleep over the royal commission

Even an aggressive commissioner who manages to work around the commission's impotent framing probably won't reveal anything we don't already know.

Bad apples: what would a banking inquiry look like?

Bad apples: what would a banking inquiry look like?

With calls for a royal commission into banks gaining volume, what questions should we be asking?