The early skirmishes in Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry suggest that banks are not in for an easy time.
The tone was set in March when Rowena Orr QC gave two banks, Commonwealth Bank and National Australia Bank (NAB), a firm dressing down for failing to do their homework properly in the submissions they were required to lodge.
In a tone worthy of the sternest headmistress, she told off NAB for “failing to grapple with the task” it had been set.
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