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.
ASIC and APRA don't lack power to sack bank directors. They the lack the willpower to do so.
Instead of having a separate regulator just for banks, the new system creates one to prevent financial crises, the other to ensure good market conduct and consumer protection.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
Broadening the royal commission beyond banking may dilute the focus on the banks themselves.
If APRA cannot evaluate a bank’s governance, who can?