Published: November 22, 2018
Australian Securities and Investments Commission head concedes it might appear ‘too friendly’ with banks
Westpac has told the banking royal commission it is opposed to many of the inquiry’s recommendations in its interim report, including banning commissions for mortgage brokers and making industry codes legally enforceable.
However, it conceded the decision by Australia’s major banks to move into wealth management had “clearly not” been a success from the consumer’s perspective and admitted its own attitude towards regulators had been deficient in the past.
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