When the publication of a 1,000-page damning account of bank greed and misbehaviour results in bank shares having their best day in recent memory, you begin to wonder if the world has gone awry.
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| Kenneth Hayne |
Such was the response to the interim report of the Financial Services Royal Commission, submitted in Australia on Friday. The report, from royal commissioner Kenneth Hayne, calls banks greedy and regulators lazy, but it actually proposes nothing new.
“Passing some new law to say, again, ‘do not do that’, would add an extra layer of legal complexity to an already complex regulatory regime,” the report says.
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