The country's biggest consumer group is calling for a radical shake-up of finance sector codes of conduct, saying regulators, instead of the industry, should have the power to write these rule books to ensure they genuinely serve consumers.
Royal commissioner Kenneth Hayne said ASIC should have greater powers to approve finance sector codes of conduct.As the federal Treasury looks at the idea in further detail, it is reigniting debate between consumer groups and business over how best to reform industry codes, which form a key plank of self-regulation, and have long been criticised by Choice.
“It’s clear the industry cannot be trusted to write their own codes. We need to kill off useless codes and give ASIC real power to hold the finance industry to account.” "The Commissioner endorsed industry led writing of codes, stating “harnessing the views and collective will of relevant industry participants is essential to the creation of an industry code”.
Throughout the royal commission, financial businesses were often exposed for falling short of community expectations by failing to live up to the commitments made in codes of practice.
Self regulation has never worked. Time to impose mandatory heavy jail sentences for the banking and financial industries. All companies too big to fail must be broken up so they can never damage the economy again.
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