There's symbolic power in heads rolling when an organisations does wrong. But cultural change is more complicated than that.
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.”
Banks have viewed their codes of conduct as non-binding statements of comfort. They need to enforce them under pain of legal penalty.
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 face sexist treatment and no accommodation of parenting responsibilities. That's bad news for a sector critical to all Australians’ economic security.
Shorten's extra royal commission hearings and legislating the GST carve-up.
Getting better behaved banks isn't difficult. Here are three places to start.
In his three volume 1,000 page interim report Commissioner Hayne has built an irrefutable case for root and branch reform.
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 banks get most of the blame in Commissioner Hayne's explosive report, but there's some for us as well.
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.
The banking royal commission's most enduring legacy might be the cancer of too much caution throughout the financial services sector.
Flaws in the ABC Act set up conflict and allow the government to pressure 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.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
Dud insurance is the tip of the iceberg.
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 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.
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.