Original article by Richard Gluyas
The Australian – Page: 1 & 2 : 23-Apr-18
Australian Competition & Consumer Commission chairman Rod Sims says the banking royal commission’s revelations of misconduct in the financial services sector highlights the need for harsher penalties for corporate wrongdoing. He argues that such penalties should act as a real deterrent rather than merely being regarded by management and directors as the cost of doing business. A recent report by the OECD found that penalties for corporate misconduct in Australia are generally much lower than those of comparable countries. Treasurer Scott Morrison has also flagged tougher penalties for companies in response to scandals exposed by the royal commission.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VISY INDUSTRIES AUSTRALIA PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB