Frydenberg threatens jail for bankers

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Via The Australian:

The seven heavy volumes of the Hayne royal commission’s interim report will land with a thud on Josh Frydenberg’s desk tomorrow. They will call for much higher standards governing bank lending practices and stronger criminal penalties for breaches.

The Treasurer is on the front foot, announcing draft legislation yesterday that would impose prison sentences of 10 years “or more” to ensure that the penalties for criminal behaviour by bankers are not seen as simply a cost of business. Fines for individual bankers would rise to $1 million or three times their ill-gotten gains, whichever is greater.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.