Australian Banks Lick Their Wounds as Misconduct Inquiry Concludes

An inquiry that has exposed rampant greed and wrongdoing in Australia’s major banks and wealth managers wraps up this week ahead of a final report which could trigger sweeping reform of the financial sector of the world’s 12-largest economy, Reuters reported. Dismissed initially as a “populist whinge” by the ruling conservative party, the quasi-judicial inquiry known as a Royal Commission has revealed branch-to-boardroom misconduct which will almost certainly trigger tougher regulation. In 69 days of hearings, the inquiry heard shocking tales of brazen rip-offs, callous mistreatment of customers and even taking money from the dead. Its final hearings are scheduled for Friday. Read more