Our submission puts forward our views as to what changes are required to the regulatory regime to prevent the conduct identified by the Royal Commission in first four hearings from happening again. In so doing we have noted and sought to address many of the questions posed by the Commissioner in Volume 1 of the Interim Report. Where we answer a question directly we have indicated this via reference.
The Royal Commission has brought to the public’s attention conduct that has not only failed to meet basic community standards of ethical and moral behaviour but also potentially illegal, even criminal behaviour. It is clear that the administration and enforcement of the law has left a lot to be desired and will need to be addressed. Supervision of the financial services sector and enforcement of the laws need to be reformed to empower and embolden the regulators to take stronger action to become the “tough cop on the beat” that the community expects.
