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.
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.
CFPB interim director Mick Mulvaney has brought the bureau to a near-standstill.
The president recently nominated a new permanent director to take over the Consumer Financial Protection Bureau. With the CFPB doing a fraction of the work it did under Obama, what kind of agency will she lead?
Carolyn Flanagan gave evidence at the third round of hearings of the banking royal commission.
Evidence in front of the banking royal commission today is very similar to the case that sparked consumer protection laws more than 30 years ago.
For financial advisers, we are already moving away from the payment of commissions in favour of fee for service. We still need a further shift in mindset.
While codes of conduct in banking may help, the tsunami of financial regulation over the past few decades has swept aside much of the sense of personal accountability.
The Financial Services Royal Commission has exposed some irresponsible lending by Australia’s biggest banks.
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?
Malcolm Turnbull defended refusing for so long to set up a royal commission.
As the banking royal commission continues to expose wrongdoings, the pressure is intensifying on the corporate regulator.
O'Dwyer’s effort to avoid any confession of error just drew more attention to the bad call.
This bald-faced refusal to acknowledge their own inconvenient history in part comes from the politicians' belief that if you just burnish the "spin", you can get away with saying anything.
Michelle Grattan speaks to University of Canberra's Deep Saini about the week in Australian politics.
In light of what is coming out the government should be ashamed of its past performance.
Just why the government was so keen to shield an industry where wrongdoing had been obvious is not entirely clear.
The cabbage plantation on Lonwabo Jwili’s farm emerged from the toils that up-and-coming black farmers have to endure.
South Africa's land reform process will fail if it continues to neglect small and emerging black farmers.
Scarcity, trust and repetition are all pressure selling tactics that can be used to manipulate us.
In psychology, we know people don’t always think through their decision-making in a rational and linear way when placed under situations of stress.
A bad interest rate can make your new car a lot more costly.
AP Photo/Carlos Osorio
Most of us bargain hunt when shopping for a new blouse or pair of blue jeans, yet for some reason we don't with interest rates, potentially costing us thousands of dollars.
Rowena Orr QC rebuked banks on the first day of the Royal Commission for failing to provide specific documents.
The Financial Services Royal Commission can ask the banks for the material it wants, in the form it wants.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”.
Research shows the majority of consumers have low financial knowledge and experience, but they are also prone to behavioural biases that don't help.
Some worry Mick Mulvaney is putting banks before consumers as head of the CFPB.
Mick Mulvaney has only been in charge of the Consumer Financial Protection Bureau for two months, but he's already made many decisions that will leave consumers worse off.
The CBA board, headed by Catherine Livingstone, is ultimately responsible for the bank’s risk management.
CBA's risk management strategy clearly states that responsibility rests with the board of the bank for any wrongdoing.
The Australian Prudential Regulation Authority has been criticised for pursuing stability in a manner that has killed competition.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
Some sectors, like supermarkets, are not natural monopolies, but have significant economies of scale.
The latest report from the Grattan Institute, finds that claims about Australia being dominated by oligopolies are overblown.
Barry O'Sullivan has referenced Dean Smith’s same-sex marriage private member’s bill to pursue legislation for a banking inquiry.
Malcolm Turnbull and Scott Morrison appear to have become hostages to rebel Nationals determined at all costs to secure a commission of inquiry into the banks.
In the US "liar loans" have been identified as one of the key reasons behind the 2008 financial crisis. But how big a problem are poor loan checking practices in Australia?