To protect bank customers, the law could mandate behaviour defined in a code of conduct to be strictly liable, and breaches criminal.
Banks have viewed their codes of conduct as non-binding statements of comfort. They need to enforce them under pain of legal penalty.
The entrenched practice of retail superfunds using superannuation trust funds as profit-making enterprises undermines the integrity of the whole superannuation sector.
We rightly expect trustees of superannuation funds to do their jobs. Much stronger behavioural controls and civil penalties are needed to ensure they do.
Women in investment management report an “ingrained” culture of sexism. This includes stereotyped views of women being best suited to administrative roles.
Women in investment management face sexist treatment and no accommodation of parenting responsibilities. That's bad news for a sector critical to all Australians’ economic security.
The Labor party has announced roundtables in cities and towns that haven’t been visited by the banking royal commission.
Shorten's extra royal commission hearings and legislating the GST carve-up.
It isn’t brain surgery.
Getting better behaved banks isn't difficult. Here are three places to start.
Putting people rather than profits at the centre of banking culture is possible, but difficult.
In his three volume 1,000 page interim report Commissioner Hayne has built an irrefutable case for root and branch reform.
Speaking in confidence, the members of bank boards are worried.
How can our major institutions, particularly from the banking and finance sector retain their corporate legitimacy? What role should their boards be playing?
Royal Commissioner Kenneth Hayne is arguing for less and clearer law, and tougher corporate cops.
The big four play on trust, laziness and inertia, according to the interim report of the Banking Royal Commission.
The banks get most of the blame in Commissioner Hayne's explosive report, but there's some for us as well.
Financial Services Royal Commissioner Justice Kenneth Hayne.
Rather than introducing still more laws to regulate banks there is a case for stripping down the ones we have got to make their aims crystal clear, Commissioner Hayne says in his interim report.
Royal commissioner Kenneth Hayne is presiding over an inquiry that will cast a very long shadow.
AAP Image/Fairfax media, Eddie Jim
The banking royal commission's most enduring legacy might be the cancer of too much caution throughout the financial services sector.
ABC staff call for chairman Justin Milne to step aside at a meeting on Wednesday.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
Board-level risk indicators include one person dominating meetings or a culture of blaming and withholding information.
It is a furphy that regulation for good corporate culture is impossible. It is done in the Netherlands and it is already under way in Australia, albeit in an unacknowledged, and limited, form.
If ASIC gets its way, NAB will have to do more than pay compensation.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
There’s still money to be made steering people into bad products.
Dud insurance is the tip of the iceberg.
The AMP began life as a mutual, somewhere for its members to put their savings.
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.
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.
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.
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.
The royal commission has left AMP with a lot of explaining to do, much of it related to how performance targets drove poor behaviour.
Pressure to meet ever-higher performance targets can lead to misconduct of the sort exposed by the royal commission. Targets need to operate within a framework of ethical governance to avoid this.