The rules have changed in the battle to restore credibility
The Banking Royal Commission has flipped credibility and trust on its head. Here, Powell Tate’s Jacquelynne Willcox explains how the rules have changed.
Corporate Australia’s get out of jail card is looking very worn. A combination of long suffering customers with a national voice, concomitant political opportunism and red-faced regulators
gunning for relevance, signal years of legal warfare and bloody battles to rebuild reputations.
A series of inquiries, including a Royal Commission, across banking and finance, infrastructure, franchising and building developments have revealed corporate conduct that barely represents
decency. And this corrosive behaviour appears to have extended to our corporate watchdogs, whose task it is to ensure the rules are actually followed.
Last year, for example, the interim report of the Banking Royal Commission highlighted regulatory failings in ensuring financial institutions were placing customer interests before commercial targets.
Maybe they’re just taking a lead from Federal and NSW politicians? It is a nasty surprise to find out what a corrupt place Australia is.