Is the Royal Commission solving yesterday’s problems?

The Royal Commission (RC) into Misconduct in the financial industry in Australia, is doing an invaluable service to the Australian public by stripping away the facade that the largest financial institutions in Australia were operating honestly and that they were being well-policed by  world-class regulators.

However, in making recommendations to change the Australian financial regulatory system, the Royal Commission must endeavour to fight the next war, not the last one.

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