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The financial threshold test should be removed, according to Super Consumers Australia and a leading consumer advocacy lawyer, as measuring net worth is an unreliable indicator of financial literacy.
Banking royal commission recommendations flounder, two years on
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WedWednesday 3
updated
ThuThursday 4
FebFebruary 2021 at 1:44am
The Government has, on some counts, only implemented just over a third of Kenneth Hayne s recommendations so far.
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Key points:
Of its 76 recommendations, only about one-third have come into law
Some key protections have been downgraded or abandoned
Two years ago, the final report of the banking royal commission exposed a culture of rapacious greed, of profits and shareholders being put before customers and the law.
But there has been slow progress to fix the scandals exposed.
The aftermath of the 2018 probe killed the careers of the chief executives and chairs of several of Australia s top banks: AMP, NAB and Westpac. Court battles against IOOF, NAB, the Commonwealth Bank, Allianz and more have been won, lost or are ongoing.
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Commonwealth Bank chief executive Matt Comyn has expressed hope the industryâs tarnished reputation has been partly repaired by how banks responded to the coronavirus pandemic, after lenders played a key role in shielding the economy from the shock.
In comments marking two years since the banking royal commissionâs final report, Mr Comyn, who is also chairman of the Australian Banking Association, said the industry had taken steps to make sure âsimply unacceptableâ failures did not happen again.
CBA chief executive Matt Comyn.
Credit:Louise Kennerley
Aside from a series of changes to banksâ policies that resulted from the explosive inquiry into financial misconduct, Mr Comyn also sought to highlight the importance of how banks dealt with customers on a daily basis, including during the economic shock sparked by COVID-19.