Wayne Byers reappointment slammed

Martin North and John Adams destroy Wayne Byers reappointment:

More at Banking Day:

High profile consumer campaigner Naomi Halpern, who was instrumental in securing parliamentary support for financial advice reforms in 2014, said victims were stunned by the government’s decision to extend Byres’ tenure given that the royal commission was still investigating the enforcement record of APRA.

…Halpern fears that the reappointment is a first step in the federal government’s plan to maintain a “business as usual” approach to financial regulation when the commission’s work ends early next year.

…Denise Brailey, founder of the Banking and Finance Consumers Support Association, also railed against Byres’ reappointment.

“For more than a decade APRA has done very little to protect customers and failed to report misconduct to government,” she said.

“Surely, the government could have waited until the royal commission’s recommendations were released.”

Macquarie University banking academic Pat McConnell said the reappointment looked “silly and unnecessary”.

“Ostrich and sand is the analogy that jumps to mind,” he said.

“ I think it is deliberately pre-empting the process of the royal commission.”

Even Chanticleer could see the illogic:

The early reappointment of Australian Prudential Regulation Authority chairman Wayne Byres sends a message that is both poorly timed and off-key, given the important questions that have been raised by the royal commission.

Commissioner Ken Hayne’s interim report was so incendiary that it’s easy to forget it only covered the first two-thirds of the commission’s hearings.

One of the hearing rounds it didn’t cover was superannuation, where the ugly underbelly of the sector that manages our retirement savings was laid bare and APRA’s role in regulating the sector was examined.

For pity’s sake, when the royal commission resumes shortly, it’s final rounds will focus on regulators.

Such is Australian corruption.

Comments

  1. I honestly think one of the biggest issues these days is that the population is entirely disinterested in how all this tricky finance works. They don’t want to listen to nerds talk about GDP, PMI, BBSW or whatever. All they know is that the bad Royal Commission has crimped their ability for the banks to lend them money to punt on houses. Unfortunately, that’s about as far as 99.97% of the populace think in regards to finance, the economy and bank regulation. It’s some abstract thing that nerds like Koshi talks about on Sunrise whilst they walk off to boil the kettle. If the banks are willing to lend them a gajillion bucks, then everything must be kosher because the banks know what they are doing with money, innit?

    • I find people are interested in the dysfunction and corruption being exposed by the Banking RC but it takes a while to chisel a hole through the perma frost of BS that blankets the operation of the banking industry.

      It also helps a great deal that the easy options for extend and pretend are drying up.

      As long as your personal and national line of credit keeps getting extended without question there is no need (nor desire) to ask the hard questions.

      When the current state of affairs starts to register people are pretty angry.

      40 years of private bank propaganda and people (and ‘regulators’) making excuses for the role of banks in the public monetary system generates a fair bit of whiplash.

      There was a better understanding of the issues in the 1930s and 1940s

      https://theglass-pyramid.com/2017/06/10/bank-royal-commission-the-wisdom-of-ben-chifley-in-1937/

      • If you need to google smth like this, you’ve clearly never been to the right parties. And so you will never get an invite.

        (Refer the Forbidden City in Seinfeld’s Bizarro Jerry episode.)

      • You should have seen the confused looks at the local Thai establishment when I asked for a BBSW. There is definitely a skills shortage in Australia.

    • ErmingtonPlumbingMEMBER

      The population is largely disinterested in the machination of the Financial services industry/plutocracy for the same reason they are disinterested in Politics.
      Most just don’t believe they have any power to enact any kind of change,…so why get bogged down in all the depressing details.
      I think we do have power, but only through knowledge, participation and Solidarity.
      But im just a dumb $hit plumber,…so what would I know, …maybe “the majority” are right to embrace ignorance and acceptance of what is.

    • Yeah I’m surprised he didn’t put in an application himself. The naivety of these guys is embarrassing at times

  2. Has it occurred to anyone that the banking boom and bust we are experiencing is a deliberate act? This bloke Byres is the man to deliver it the same way Greenspan and Bernacke delivered the it in USA. The pretend that all those PhDs has no idea lending hundreds of billions on cross collateralised interest only loans was a bad idea . Now the bust will pushed down our throats by the same people .

    Get ready to see the greatest transfer of wealth from the poor and middle class to the people that really own this country.

  3. Setting up their fall guy with a nice big golden parachute/compensation.
    Rather than letting him just finish his term and spill his guts.
    Perhaps.

    • More likely ensuring business as usual continues no matter what the Royal commission delivers in its report.

  4. It just emphasizes the institutional corruption at play and the need for Labor to extend the RC for another 2-3 years.
    It is the only way to keep these scum honest is to keep them under investigation.

    • I’d like to see the non-disclosure section of his new contract, I bet its a hell of a lot tighter than the old one.

  5. What is the normal lead time for re-negotiating a contract for this type of job? 8 months seems like a long time.