The current Royal Commission investigating the Banking, Superannuation and Financial Services Industry has already established and proven that there have been many tens, of thousands of breaches of Australian laws and regulations.
"...Why did it happen? What can be done to avoid it happening again? These are now the key questions...But it is necessary then to go behind the particular events and ask how and why they came about...Should the existing law be administered or enforced differently?..." Commissioner Hayne stated in his executive summary:
The corporate regulator has come in for heavy criticism in the Hayne royal commission's interim report which describes a weak watchdog that is too close to the banking sector and reluctant to act on misbehaviour.
A lot of water has gone under the bridge since Prime Minister Scott Morrison criticised a royal commission into banking as a "populist whinge" unnecessary because “we have a tough cop on the beat called ASIC and ... a strong regulator called APRA”.
If Treasurer Josh Frydenberg thinks Peter Kell's sudden resignation as deputy chairman of the Australian Securities and Investments Commission will absolve the government of any responsibility for lax enforcement of wayward activity in financial services he should think again.
On Tuesday 14 August, bank victims convened in Parliament House from all over the country. It was probably the largest collection of bank victims ever assembled in Australia. All expended funds that they could not afford because they deemed the meeting significant. Others were absent because no money could be found or because of illness. Dr. Evan Jones