The AMP CEO has resigned with effect from today. He said he had no idea what was going on (so why was he CEO again?) but the responsibility was his (again if it was his responsibility why does he appear to have let this slip under his radar). Who then made these decisions because they should be moved out post haste. I bet he gets a good handshake payout at this retirement. What penalty does he really pay? What compensation to the victims of this fraud?
Then like a miracle the Government announces new penalties as pointed out by @TheBBG above, saying that they had been looking at it for some time after a report they had received, who could or would believe that? (they must think we are so gullible that it is insulting to our intelligence). But then they had also said we didn't need a RC into Banking/Finance Industries and refused over 20 times to hold one as they said the Industry was great and it wasn't needed. They had to be dragged kicking and screaming to the need for one, forced to create one when some of their own members threatened to cross the floor. The spin that now comes out is so crass it beggars belief!
But still they have not changed the Terms of Reference to have the RC look into macro-prudential policy, regulation or oversight. They don't want change, they don't want tough rules, but I'm pretty sure they do want Electoral donations from the big players so they don't want too much pain to be felt by their contributors or is that being a lot of a cynic on my part.