Banks oversight body vows to fix Australia’s financial sector
An inquiry has recommended prosecutions for 24 cases of wrongdoing and that pay structures be overhauled to remove systemic conflicts of interest
Canberra — Australia’s corporate regulators will be subjected to a new oversight body, in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice. The government-appointed inquiry, known as a royal commission, also recommended prosecutions for 24 cases of wrongdoing and advised that remuneration structures across the industry be overhauled to remove systemic conflicts of interest. Authorities were urged to consider laying charges over behaviour such as the charging of fees for services not rendered, including instances at major lenders Commonwealth Bank of Australia, National Australia Bank and Australia and New Zealand Banking Group. The commission's recommendations were released by the government on Monday after the public inquiry heard 11 months of shocking revelations of wrongdoing which wiped A$60bn ($43.5bn) from the country's top finance stocks. Misconduct reached into the sector's upper echelons, with top...
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