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.