In its first few weeks, the Royal Commission into Misconduct in the Financial Services industry has opened the floodgates, and a torrent of misconduct, maladministration, technical incompetence and downright fraudulent activity has poured out. And it is not just one bank that has admitted some wrongdoing, but all of the Big Four. Nor is it one product but, so far, a raft of bad lending, from mortgages to overdrafts and car loans, and more to come.
[Note An edited version of this article appeared in Australian Banking and Finance on 24th March 2018. Many thanks to editor Elizabeth Fry.]
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