Australia vows to clean up financial sector after landmark misconduct inquiry
Source: Reuters
CANBERRA (Reuters) - A special government-appointed inquiry excoriated Australia’s financial sector for misconduct on Monday, referring two dozen cases to regulators for possible legal action but leaving the structure of the country’s powerful banks in place.
Regulators will be subjected to a new oversight body and the financial industry’s pay will be overhauled to remove conflicts of interest, according to the recommendations of the so-called Royal Commission. But the recommendations stopped short of measures that would threaten the A$400 billion ($289 billion) industry’s dominant position.
The recommendations come after the public inquiry heard 11 months of shocking revelations of the financial industry’s wrongdoing, including that fees were charged to the accounts of dead people and that cash bribes were paid over the counter to win mortgage business, wiping A$60 billion from the country’s top finance stocks.
The conservative government, which was initially opposed to the setting up of the inquiry, promised it would act on all the 76 recommendations.
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BUSINESS NEWS FEBRUARY 4, 2019 / 12:34 AM / UPDATED AN HOUR AGO
Jonathan Barrett, Swati Pandey
7 MIN READ
Read more: https://www.reuters.com/article/us-australia-banks-inquiry/australia-vows-to-clean-up-financial-sector-after-landmark-misconduct-inquiry-idUSKCN1PT099
Related:
• As it happened – Banking royal commission report: fallout engulfs Canberra (The Guardian)
• Banks may face criminal charges after final royal commission report (The Guardian)
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Undoubtedly his Australian newsprint rags and other media outlets have been pushing for deregulation, let the banks run free, and all of the other con garbage. And look what happens--the banks turn out to be cesspools of criminality. Just like here.
Another country blighted by his influence.
