"I cant understand how the industry has been able to operate like this"
Very fair statement... Reality is that the government leans on the Financial Services Council (FSC) to set the standards and provide guidance on industry best practice etc.
Who makes up the FSC....?
Well its the banks and instos caught up in this royal commission haha. Naturally, instead of fixing the glaring issues within the industry they have tried to protect their own interests.
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