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"Behind the scenes, though, ASIC leaders are concerned about the huge cost of going to court and the community backlash and loss of confidence in regulation if it loses cases.
"Some cases are going to be lost," the source close to ASIC said. "That's a reality we have to accept."
What a load of rubbish. It's time to get out a big stick and beat these banks down with it! The time for pussy-footing is over! ASIC has to lead the way instead of running from the fight.
The loss of confidence in regulation and ASIC for that matter began years ago. Now, there's none left to lose.
Get on with it, ASIC. It's long overdue.