We are seeing widespread financial exploitation because of cultural, economic and political factors that haven't been addressed. Regulators should do more.
A number of factors have contributed to the horrible stories coming out of the Royal Commission, including market instability and the financialisation of farming.
In choosing not to impose restrictions on bonuses and commissions, the government left untouched the incentives for inappropriate financial advice and lending decisions.
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.
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 institutions fronting the Financial Services Royal Commission are also the ones controlling mortgages, so will an expose of their dealings push property prices down?
Whoever replaces the directors resigning at AMP and the Commonwealth Bank will likely be drawn from a small pool of people.
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.
Unaffordable home loans, poor financial advice and unmanageable consumer credit may have serious consequences for many Australians, beyond bankruptcy and debt. Here's what the research says.
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.
The way corporations are structured makes it hard to establish criminal culpability even if directors and executives control processes and are paid bonuses based on performance.
Financial literacy is more than numeracy, it requires a healthy scepticism of financial institutions and confidence in making financial decisions.
In a period of declining housing affordability and precarious employment, older people are sitting on a "nest egg".