Articles on Banking royal commission

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The AMP began life as a mutual, somewhere for its members to put their savings. Tracey Nearmy/AAP

Why AMP and IOOF went rogue

Parallels in the historical trajectory of AMP and IOOF are striking. Both were founded in the 1840s. Both demutualised, and now both find themselves centre stage at the banking royal commission.
The collapse of a royal commission witness provided a reminder of the stark differences between financial services and health services when it comes to caring for customers. Stefan Postles/AAP

What if we expected financial services to be more like health services?

The financial services industry is in need of a new paradigm to rediscover what finance is for – to improve the financial and economic well-being of society.
ASIC boss James Shipton has signalled a shift to more vigorous enforcement and Treasurer Scott Morrison has bolstered the regulator’s funding to enable this. Luis Ascui/AAP

Embedding regulators in banks can help change cultures of wrongdoing, despite the risks

Putting regulators inside corporations isn't new, and the US experience highlights risks of regulatory capture, but the move could make a difference if ASIC is shifting to more robust enforcement.
New AMP chair David Murray’s prescription for corporate governance doesn’t acknowledge the structural drivers of systemic misconduct. Joel Carrett/AAP

Treasury admits corporate governance is broken but baulks at systemic fixes

Evidence to the Banking Royal Commission points to the systemic failings of corporate governance built on the idea of shareholder primacy. It's time to rethink the unitary board system for a start.
From the first hearings of the royal commission, the senior counsel assisting, Rowena Orr QC, laid bare the toxic culture behind many consumer lending practices. Eddie Jim/AAP

Restructuring alone won’t clean up the banks’ act

Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn't fix the culture that sacrifices customers' interests to the pursuit of profits.
It is hoped that the Royal Commission will bring a renewed enthusiasm for suitable and properly adapted customer service provision that values Indigenous consumers and take their circumstances into account. AAP Image/Dean Lewins

The Royal Commission revealed financial services woes for many Indigenous customers. Here’s what can be done

With enough will and resourcing, many of the structural issues that make financial services a trial for many Indigenous consumers can be overcome. But we need more regulation to deter sharp practice.
The Financial Services Royal Commission has exposed some irresponsible lending by Australia’s biggest banks. Glenn Hunt/AAP

We asked five experts: will the banking royal commission push down property prices?

The financial institutions fronting the Financial Services Royal Commission are also the ones controlling mortgages, so will an expose of their dealings push property prices down?

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