Deregulation and weak regulations allows greed and dishonesty to continue in Australia’s financial sector, argues Suzanne James.
Australian Prudential Regulation Authority (APRA)
The Big Money Club clearly lives by its own perverse rules.
The belated decision by the Australian Prudential Regulation Authority (APRA) to set up a public inquiry into the Commonwealth Bank (CBA) is aimed at heading off the growing calls for a royal commission into the entire scandal-ridden banking sector.
The August 27 announcement by APRA of an “independent” probe into the country's biggest bank followed a series of scandals that have rocked the financial world.