Nigeria’s cashless policy seeks to minimise cash-related crimes, but it seems to have replaced that risk with another: electronic fraud.
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.
New banking legislation hopes to hold executives accountable, but there weren’t good signs at the latest parliamentary committee meeting.
If APRA cannot evaluate a bank’s governance, who can?