Articles on Banking royal commission

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The funds for the court will see the appointment of two new judges to. deal with civil cases. David Crosling/AAP

Government to provide more funds for prosecuting bank crime

Frydenberg and Porter said ASIC’s increased enforcement activity was expected to lead to “more prosecutions by the CDPP and more civil corporate misconduct cases before the Federal Court.”
Women in investment management report an “ingrained” culture of sexism. This includes stereotyped views of women being best suited to administrative roles. Shutterstock

For the sake of our retirement savings, it’s time to reform the investment management boys’ club

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.
Board-level risk indicators include one person dominating meetings or a culture of blaming and withholding information. Shutterstock

There is nothing sacrosanct about corporate culture; we can and must regulate it

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.
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.

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