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Articles on Banking regulation

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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.
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.
The Australian Prudential Regulation Authority has been criticised for pursuing stability in a manner that has killed competition. Mick Tsikas/AAP

Australia’s financial regulators need policing

Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
The federal government has announced a royal commission into banks and other financial services entities. AAP

Banking royal commission will expose the real cost of bad behaviour

Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
Barry O'Sullivan has referenced Dean Smith’s same-sex marriage private member’s bill to pursue legislation for a banking inquiry. Mick Tsikas/AAP

Turnbull backed against the wall by rebel Nationals on bank 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.

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