Australia vows to clean up financial sector after landmark misconduct inquiry
Source: Reuters
CANBERRA (Reuters) - A special government-appointed inquiry excoriated Australias financial sector for misconduct on Monday, referring two dozen cases to regulators for possible legal action but leaving the structure of the countrys powerful banks in place.
Regulators will be subjected to a new oversight body and the financial industrys 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) industrys dominant position.
The recommendations come after the public inquiry heard 11 months of shocking revelations of the financial industrys 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 countrys 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)
3Hotdogs
(12,406 posts)Eric Holder should 'splain it to them before the country has to declare bankruptcy.
Maxheader
(4,374 posts)Live free...have a job, support themselves..Good living and why not?
Its us guys that make the big boys rich...Without our efforts they fail.
So why the fuck does the worlds average joes's have to constantly
watch out for these crooks and thieves? Its this way all over the
world, isn't it? Probably always has been, but imho these incidents
are way up in numbers...
Its a culture that sometimes grows within a select few..to take
advantage..like the white house.
not fooled
(5,801 posts)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.
Mickju
(1,805 posts)Does that make him the most evil person in the world? At least he is one of the top candidates along with Trump and Putin.
I'd say fuck the banks but they are just going to find different ways of making the public pay for their shithousery.
This is a good sum up.
https://www.abc.net.au/news/2019-02-04/banking-royal-commission-report-at-a-glance/10777188