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1.Market Observations, 8.Was Sticky

29 Sept 2018 (AFR) – Hayne strikes down greedy banks and feeble regulators

(29 September 2018, AFR, p1, by: James Frost, Phillip Coorey)

‘Regulators are in for a major shake-up after royal commissioner Kenneth Hayne found the culture of greed permeating the financial services sector was a result of a failure to follow and enforce existing rules, and that more regulation was not the answer. The commissioner’s interim report castigated the nation’s banks for repeatedly and systematically crossing the line in the pursuit of profits in a scorching assessment of our financial system and its key players. “The banks have gone to the edge of what is permitted, and too often beyond that limit, in pursuit of profit,” the report, which was released yesterday, said.’

Read more at (might need AFR login access, or try:


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