Well done BFCSA: Royal Commission birthing pains
8 April 2016
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BFCSA calls are heard, but not by outgoing ASIC Chairman, G. Medcraft
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ASIC boss Greg Medcraft says he doesn't want to regulate banking culture The head of Australia's corporate watchdog has responded complaints from Financial Systems Inquirychair David Murray that ASIC attempts to regulate company culture were comparable to those used by Adolf Hitler.
Opposition Leader Bill Shorten and the shadow treasurer Chris Bowen have taken the lead in the financial services sector scandals and will hold a royal commission into the financial services sector if Labor wins the next election.
Today I say, enough is enough Opposition Leader Bill Shorten
Shadow treasurer Chris Bowen said the royal commission would cover banks, superannuation funds,
other financial institutions and insurance companies. The royal commission will look at whether illegal
and unethical behaviour in the financial services sector was widespread. It will also look at how the duty
of care financial institutions have to their customers works and how business structures affect the behaviour
of finance sector employees and whether Australian regulators have enough resources.
"We're not announcing the terms of reference today," Mr Bowen said.