There are practical steps we can take right now to fix the banks. History suggests they’ll never do it left to themselves.
Academic rigour, journalistic flair
Articles on Hayne Royal Commission
Displaying 41 - 55 of 55 articles
The first bank to embrace radical honesty would do well out of the royal commission and leave its rivals in the dust. But it would be hard.
Conditional superannuation which can we withdrawn years after bankers retire might be the best way to get them to do the right thing.
The economic underpinnings of the longstanding ‘four pillars’ policy are crumbling. Soon there may no longer be four big banks.
The best way to get bankers to behave well might be to bind them to a code of ethics, like doctors. We’ve tried ever tighter rules.
Negotiated deals between ASIC and alleged wrongdoers leave us in doubt as to the reach of the law.
Compare the ACCC to ASIC and it’s clear why
Rod Sims has been reappointed to a record third term as Australia’s top competition and consumer cop.
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.
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.
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.
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Top contributors
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Sessional Lecturer, PhD (Management) Candidate, School of Management, RMIT University
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Lecturer in Social Procurement, The University of Melbourne
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Professorial Fellow, University of Canberra
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Emeritus Professor of Finance, The University of Melbourne
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Professor of Law, The University of Western Australia
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Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
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