The Brief: Australia’s Banking Royal Commission

Banking on toothless regulators

Tracey Mylecharane

Economics and finance, Trade and industry, Law | Australia

15 October 2018

On this week’s episode of The Brief, Tracey Mylecharane takes stock of Australia’s financial sector.

Australia’s Banking Royal Commission has uncovered countless stories of greed and illegal behaviour in the country’s financial sector, and has revealed a deeply ingrained corporate culture within the country’s banks. The Commission’s interim report was released on 28 September, and it poses 693 policy-related questions, chief among them “why did it happen?” and “what can be done to avoid it happening again?” This week on The Brief, Tracey Mylecharane delves into the causes and consequences of the Banking Royal Commission, and weighs the chances of effective financial reform. Listen here: https://simplecast.com/s/3649ae22

Tracey Mylecharane is a Lecturer at the ANU College of Law, specialising in regulation within the Australian Financial System and corporate culture in the banking sector. She sits on the academic committee of the Banking and Financial Services Law Association, and prior to joining ANU worked in the legal practice for 12 years.

Edwina Landale is the presenter of The Brief. She is a student of Politics, Philosophy, and Economics at the ANU.

Show notes | The following were referred to in this episode:

ASIC Enforcement Review

Inquiry into the Post-GFC Banking Sector

Inquiry into Financial Products and Services in Australia

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This episode of Policy Forum Pod was written and produced by Edwina Landale.

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One Response

  1. John Telford says:

    The Banking Royal Commission is ridding corruption and fraud from what is meant to be a trusted system. But the collecting of fees for no service or fees from the dead, is a narrow view. Systemic failure and structural weaknesses seem to be overlooked.

    Victims of Financial Fraud (VOFF) point out to the Banking Royal Commission that the investors who had their savings stolen by the Trio Capital fraudulent scheme were charged fees for years by the entire financial system despite the money being long stolen. Fees continued to be charged by Star Rating Firms, Research Houses, the custodians NAB & ANZ, one of the big auditing firms, ASIC accepted licence fees and APRA continued its prudential regulatory oversight even the Australian Tax Office must have taxed money that didn’t exist.

    The people caught up in the Trio did follow best due diligence in safety and security of their valuable assets, they relied on the financial system but the systemic failure let consumers down. ASIC, APRA and Treasury kept a lid on the systemic failure. ASIC orchestrated events, made it look like ‘poor financial advice’ and ASIC withheld information from the Parliament, the courts, the victims and public.

    See work in progress, the Trio Fraud Manual
    http://www.mysuperrights.info/trio-fraud-manual.php

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