Via the AFR:
Behind-the-scenes discussions between banks, regulators and industry associations are continuing to create a new Professional Banking Council that would govern industry-wide standards of professional conduct and competency, as banks brace for more damage to their reputations as the royal commission re-starts in Melbourne.
…The Australian Banking Association has not decided whether it will supportive support the Professional Banking Council. “This is a complex area and there are a wide range of policy options being considered,” said a banking industry source.
Discussions are now being focused on how the new council can be aligned with, and complement, both the regulatory regime, as APRA takes a closer interest in enhancing culture, and banks’ own efforts to improve professionalism through enhanced human resources programs.
Captured regulators enjoying tea with corrupt bankers and failed lobbyists over discussions about how to increase standards. Yeh, that’ll work.
How about we let the Royal Commission determine the crimes, prosecute the guilty and impose standards on the explicitly discredited with the force of law.
