Royal Commission result:

[Bobby]

Chaps, well just don't go before the beaks, old bean. They are, afterall, chaps, now aren't they?

I wanted to see blood - I wanted heads to roll,
and even heads on sticks.

( Not that I'm a violent person. )

[Neferti]

Anyone read the Cole Royal Commission?

https://en.wikipedia.org/wiki/Royal_Com ... n_Industry

[Bobby]

Anyone read the Cole Royal Commission?

https://en.wikipedia.org/wiki/Royal_Com ... n_Industry

Yes -

Prosecutions
Nil.

[sprintcyclist]

The Royal Commission found there are problems and now it is up to the Regulators to point the finger. These are huge institutions Bobby. Not individuals or small organisations.

Why isn't the regulator held to account for criminal negligence for
allowing the rorts to happen?
What are their names?
If you're paid to do a job you have accepted money to do that job -
if you haven't done your job then it's fraud.

Exactly my thoughts.

[Valkie]

The Royal Commission found there are problems and now it is up to the Regulators to point the finger. These are huge institutions Bobby. Not individuals or small organisations.

Why isn't the regulator held to account for criminal negligence for
allowing the rorts to happen?
What are their names?
If you're paid to do a job you have accepted money to do that job -
if you haven't done your job then it's fraud.

Exactly my thoughts.

Oooohhhhh

Now that could open quite a can of worms
Politicians
Senior public servants
Cops
Judges
Prosecutors
Council employees

The list goes on and on.......

[Bobby]

Oooohhhhh

Now that could open quite a can of worms
Politicians
Senior public servants
Cops
Judges
Prosecutors
Council employees

The list goes on and on.......

Public servants who take their pay and don't do their jobs.
Citizens suffer great losses due to financial criminals yet have paid taxes to have a lawful society.
Go figure?

[cods]

Jury boxes will be dusted off and up to 10 new Federal Court judges appointed in anticipation of dozens of criminal cases to be launched in the fallout from the Hayne banking inquiry report.

Jury boxes, holding cells and discreet and secure entry points for alleged criminals and juries were built in Federal Court rooms in Melbourne, Sydney, Brisbane, Adelaide and Perth almost 10 years ago.

But to date, not a single one has ever been used as Supreme, County and District courts retained the responsibility to handle criminal ‘white collar’ cases.

Now as recommended in the Hayne Report, the government has agreed to extend the jurisdiction of the Federal Court to cover corporate criminal misconduct cases.

The move is being seen by the judiciary as one of the biggest shake-ups to the corporate criminal justice system in 20 years and comes with anticipation of a glut of bankers and financiers to face complex and long-running trials.

According to a scoping report prepared by the Attorney-General’s Department ahead of the Hayne report release, the Federal Court takeover of such cases will require up to 10 new judge positions to be created across the country within 12 months.

“To have something like this up and running in one year is very quick in judicial and legislative terms,” one legal insider said.

The move will be welcomed by many as having corporate criminal cases under the one jurisdiction will create national uniformity in sentencing and application of laws; at the moment penalties range widely depending on the state.

Jury rooms and jury boxes and security measures for their protection and that of alleged criminals were put in place in the state’s various Commonwealth law courts when the Federal Court was handed responsibility to deal with cartel and collusion cases. But to date every case put forward had either been settled or not progressed to jury stage.

Already 42 criminal briefs have been or are in the process of being referred to the Commonwealth Director of Public Prosecutions with a further 15 expected next year on top of at least 40 civil penalty proceedings.

The DPP late last year received $41.6 million of new money to handle cases referred by the Australian Securities and Investments Commission (ASIC) in the wake of the commission hearings.

Under the Hayne recommendations, ASIC will become the primary conduct regulator.


the Legals must be delirious with happiness...

[IQS.RLOW]

These failures are simply another example of govt interference distorting the market.
The 4 pillars policy protects the majors from competition and the presence of the regulator gives false pretence of accountability.

The only people who are going to get fucked over is going to be anyone looking to buy a home or needs a loan.
The RC has just given the 4 pillars licence to tighten credit and increase rates and charges.

[Black Orchid]

Here’s what you need to know about Kenneth Hayne’s final report on wide-spread misconduct within the financial industry:

Much-criticised Australian Securities and Investments Commission and Australian Prudential Regulation Authority to continue operating, but with oversight from an independent watchdog.

APRA to bolster its supervision of “culture and governance’.

The banking sector’s $850 million “fee-for-no-service” scandal is among referrals for at least 25 new criminal and civil investigations.

$170 million extra funding to ASIC, APRA, the Commonwealth Director of Public Prosecutions and the Federal Court

ASIC to become the primary conduct regulator for superannuation

Regulators to have access to civil penalties for specific breaches of the law for superannuation trustees and directors

Expanding the jurisdiction of the Federal Court to cover corporate criminal misconduct.

Government to set up compensation scheme of last resort to ensure that consumers can have their case heard and be confident that where compensation is owed it will be paid. Scheme to be paid for by industry.

[IQS.RLOW]

Here's what you need to know about banks... Cost recovery.

Illgotten gains forgone will be required to be recovered from elsewhere...