What a disgrace! How naive were all those that opposed a Royal Commission including Deputy PM at the time Barnaby Joyce. The govt eventually bowed to pressure from Labor and called a limited RC. I wonder if they thought it would be a bit of a white-wash but instead the lid has blown and now their jaws have dropped in shock!
"Banking royal commission revelations 'worse than I thought', says former ACCC boss
ABC News Breakfast
Updated about 5 hours ago
Media player: "Space" to play, "M" to mute, "left" and "right" to seek.
'Widespread, shocking, unconscionable,' Allan Fels says of banking royal commission findings
VIDEO: 'Widespread, shocking, unconscionable,' Allan Fels says of banking royal commission findings (ABC News)
RELATED STORY: AMP boss Meller quits after scandals revealed at banking royal commission
RELATED STORY: CBA customer dead for a decade but still charged fees, commission hears
RELATED STORY: At royal commission, top AMP exec loses count of how many times the company misled ASIC
The banking royal commission has revealed more
systemic, shocking and unconscionable behaviour than could have been predicted and corporate watchdog ASIC may have grown "too close" to the financial sector, says former ACCC chairman Allan Fels.
"This is a turning point in the debate, because it's now out there in public that this behaviour has been going on, widespread, shocking, unconscionable," he said.
"It's worse than I thought, more systemic, more unconscionable.
Inquiry focus brings deja vu
The days of lettings the banking industry say "trust us and we'll fix it" have got to end, writes Alan Kirkland.
"That leads to the question: What is to be done about it?"
The royal commission hearings have revealed a litany of dodgy practices in the banking and financial services industry.
These include that AMP lied to ASIC for almost a decade to cover its practice of charging customers fees for advice that was never delivered.
AMP’s chief executive officer
Craig Meller has since quit his job with immediate effect."
http://www.abc.net.au/news/2018-04-20/banking-royal-commission-allan-fells-accc-reaction/9679182
