Anna Bligh is back in the news at the AFR:
The Australian Banking Association will outline ambitious plans to ban commission payments linked to legacy financial advice products, promise to stop charging dead customers and end the fees-for-no-service rort with a suite of changes to the banking code of practice to be announced on Wednesday.
ABA chief executive Anna Bligh said charging ongoing advice fees to dead people and fees for no services was inadequate and the changes would address two key issues to emerge from the Hayne royal commission.
Note that the code of practice is being updated. Why? Because it didn’t work.
The most crucial observation of the Hayne Royal Commission is the fact that although existing consumer legal protections were more than adequate, captured regulators totally and systematically failed at enforcement of them.
Having moved from QLD regulator-in-chief to dodgy bank spokesperson-in-chief, Anna Bligh is the living embodiment of this failure.
How can anyone take the reform efforts seriously so long as this stands?
