Royal Commission (Part Five): More Skin in the Game – The Impact of the Regulators
ASIC has been called at various stages “a toothless tiger” and “a pawn of the financial services industry”. And the Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Interim Report) doesn’t seem to disagree. Which brings up the question – does this mean that the future for ASIC, and the similarly unproductive APRA, is bright? Or does it mean that Commissioner Hayne is likely to recommend that there be at least some sort of reform of the regulators in the final report?
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