The big 4 banks and AMP can only operate with various licensing granted by the Australian Government which means as we all know they only operate with the explicit approval of Australia’s citizens. Yet they seem to view these very citizens as their targets, cash cows to be milked, in fact bled dry to maximise organisational profit and personal gain of their executive class.
I think how damming the behaviour demonstrated before the RC so far, their lying, cheating and wilful decisions to not only not comply with the financial service laws but deliberate actions to break the laws demonstrates that these organisations may no longer be fit to enjoy the privileges of their government supplied bank licenses and financial services licenses.
Maybe this is the appropriate regulatory response when the RC concludes is to issue them all with ‘show-cause’ notices as to why their licenses should not be withdrawn.
That would put the cat amongst the pigeons.