Original article by Adam Creighton
The Australian – Page: 1 & 2 : 9-Aug-18
Former Australian Competition & Consumer Commission chairman Allan Fels has expressed support for the Greens’ proposal to break up the nation’s largest banks and wealth manager AMP. Fels said he has been surprised by the extent of unethical behaviour in the financial services sector that has been exposed by the banking royal commission. He also says there may be merit in the Greens’ proposal to shift responsibility for regulating the sector to the ACCC, arguing that it has been more effective at enforcing the law than ASIC.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN GREENS, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIGROUP PTY LTD, DEUTSCHE BANK AG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB