Getting better behaved banks isn't difficult. Here are three places to start.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
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.
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.
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.
All eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations?
ASIC and APRA don't lack power to sack bank directors. They the lack the willpower to do so.
Even when ASIC has been sufficiently resourced to pursue litigation, the Australian courts have contributed to an environment where contravening behaviour is a rewarding option.
As the banking royal commission continues to expose wrongdoings, the pressure is intensifying on the corporate regulator.
It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
Robust credit ratings agencies are vital for the Australian economy, as the repercussions of their decisions are felt far and wide.
Research shows the majority of consumers have low financial knowledge and experience, but they are also prone to behavioural biases that don't help.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
There are some hallmark problems within franchising in Australia and internationally and not all are within the franchisor's or franchisees' control to fix.
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.
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
The federal government is trying to make Australians more financially literate, but it's using a definition that ignores many political, economic and cultural factors.
The new banking regulations undermine the existing system, confusing regulators and achieving very little.
Despite billions raised in the past year, ICOs are still risky. But ASIC has finally given us a sign of how they will be regulated.