The initial public hearing took care of the formalities, with the terms of reference being read on to the record, and the objectives and requirement of the commission being outlined by the commissioner, the honourable Kenneth Hayne AC QC.
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“In November last year, after much resistance, the government had a change of heart and finally announced a Royal Commission (RC) into the banking sector (let us put to the side for the moment that the government made this announcement shortly after receiving a request from the big 4 banks to do so).
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I looked briefly at the case studies the Inquiry analysed, and noted the observation therein that ASIC had been viewed as a ‘timid and hesitant regulator’.
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I am embarking on a research project that carefully examines ASIC’s powers, processes and conduct, and you will be able to read more about that here as I progress.
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“A review into the four major banks in Australia (CBA, ANZ, NAB and Westpac) was requested by the treasurer on 13 September 2016. The House of Representatives Standing Committee on Economics (the Committee), chaired by David Coleman MP, issued its First Report on 24 November 2016.
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“There is a constant flurry of commentary in the media regarding our banks - scandal about banks manufacturing defaults under customer loans; changing the goal posts on customers without any proper basis whatsoever; inherent banking culture issues; remuneration of executives; and the nature of statements and submissions made by the CEOs of the Big 4 banks at recent parliamentary Inquiries and Reviews.
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