UNSW Centre for Law Markets and Regulation response to Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
In choosing not to impose restrictions on bonuses and commissions, the government left untouched the incentives for inappropriate financial advice and lending decisions.
While codes of conduct in banking may help, the tsunami of financial regulation over the past few decades has swept aside much of the sense of personal accountability.
It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
The CBA's response to AUSTRAC's claims means shareholders will be assisted in part of their class action claims but a lot still needs to be proved, write Michael Legg and James D Metzger.
