Watchdogs such as Asic and Apra failed to protect bank customers from misconduct
As the royal commission resumes on Monday, there is still a major piece missing in the puzzle that the commissioner, Kenneth Hayne, and his team must put together in order for everyone to better understand why misconduct in the Australian financial system has been so rampant over the years.
Australia currently has all the necessary laws in place to protect society from banks committing financial crimes. But that is only in theory. The reality is that there has been no proper prosecution of systemic deceit and frauds committed against retail customers of our financial institutions. Misconduct has included charging fees to dead customers and deliberately misleading regulators.
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