We are seeing widespread financial exploitation because of cultural, economic and political factors that haven’t been addressed. Regulators should do more.
Bob Katter leads a group of farmers out of the royal commission hearing in Brisbane.
AAP
A number of factors have contributed to the horrible stories coming out of the Royal Commission, including market instability and the financialisation of farming.
APRA chairman Wayne Byres addresses parliament.
AAP
In choosing not to impose restrictions on bonuses and commissions, the government left untouched the incentives for inappropriate financial advice and lending decisions.
Carolyn Flanagan gave evidence at the third round of hearings of the banking royal commission.
Julian Smith/AAP
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.
For financial advisers, we are already moving away from the payment of commissions in favour of fee for service. We still need a further shift in mindset.
STEFAN POSTLES/AAP
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 Services Royal Commission has exposed some irresponsible lending by Australia’s biggest banks.
Glenn Hunt/AAP
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?
The use of closed networks in the recruitment and selection of board members creates other problems.
BEN MACMAHON/AAP
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.
People who have a financial shock are at greater risk of depression and a raft of other physical and mental health issues.
Ethan Sykes/Unsplash
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.
Angry customers want bankers to face jail time, but better banking practices are just as important.
LUIS ASCUI/AAP
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.
Certain types of organisations diffuse responsibility and diminish individual culpability.
AAP
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.
There is a strong relationship between a low socioeconomic background and low financial literacy.
AAP