The head of the corporate regulator says he is still uncovering "some pretty appalling things" when conducting surveillance on Australian banks.
Australian Securities and Investments Commission Chairman Greg Medcraft said banks still had a way to go to restore the trust of their customers, and while at a board level banks seem to "get it", on the ground there are still issues.
More BusinessDay Videos
- Video duration
- 01:08
ASIC takes aim at the banks
ASIC takes aim at the banks
ASIC chairman Greg Medcraft tells the Economics Legislation Committee bank culture is still an issue that needs to be addressed.
Up Next
There's no housing bubble ... in some places
- Video duration
- 01:46
- Video duration
- 01:46
There's no housing bubble ... in some ...
There's no housing bubble ... in some places
No, Australia isn’t suffering a housing bubble. Sydney and to a lesser extent Melbourne might be, but the whole nation is starting to pay the price for it.
Up Next
The minimum wage debate
- Video duration
- 01:44
- Video duration
- 01:44
The minimum wage debate
The minimum wage debate
Every year business, unions and politicians argue over the pay packets of lowly-paid workers - here's what the fight is all about.
Up Next
Want to save thousands on your tax bill?
- Video duration
- 00:11
- Video duration
- 00:11
Want to save thousands on your tax bill?
Want to save thousands on your tax bill?
Ken and Martha are using a Family Trust to knock thousands and thousands of dollars off their tax bill. This is how do they do it?
Up Next
BMW pulls ads from 'O'Reilly Factor'
- Video duration
- 01:27
- Video duration
- 01:27
BMW pulls ads from 'O'Reilly Factor'
BMW pulls ads from 'O'Reilly Factor'
More companies, including BMW and Allstate, pull their advertising from The O'Reilly Factor after reports the show's host and Fox News paid five women to settle sex harassment cases.
Up Next
Anna Bligh on 'erosion of trust' in banks
- Video duration
- 01:33
- Video duration
- 01:33
Anna Bligh on 'erosion of trust' in banks
Anna Bligh on 'erosion of trust' in banks
New head of the Australian Bankers Association, Anna Bligh says she wants to rebuild trust between the banks and their customers. Vision courtesy ABC.
Up Next
Why small businesses are in trouble
- Video duration
- 00:57
- Video duration
- 00:57
Why small businesses are in trouble
Why small businesses are in trouble
Small business ombudsman Kate Carnell says some big multinationals are driving small enterprises out of business through late payments.
Up Next
Interest rates left unchanged
- Video duration
- 01:50
- Video duration
- 01:50
Interest rates left unchanged
Interest rates left unchanged
The Reserve Bank maintains the cash rate at 1.5 per cent, but Peter Martin says change may be coming.
ASIC takes aim at the banks
ASIC chairman Greg Medcraft tells the Economics Legislation Committee bank culture is still an issue that needs to be addressed.
"I am still really troubled," Mr Medcraft said. "What we've seen in the foreign exchange, the banking bill allegations, life insurance, responsible lending, what we see in financial advice...what troubles me is when we go and look, we still uncover pretty bad conduct."Â
"Many of the things we find is legacy issues, but quite frankly when we go and do surveillance we still see some pretty appalling things."
Related Content
Mr Medcraft was speaking to an audience of finance professionals in Sydney as part of the AFR Banking and Wealth Summit.
He said it was "tough" in banking these days because they now had to answer to the "the crowd" and not just regulators.
"The power of the crowd will shake and stir," he said.
"Today the most powerful arbiter of conduct is not necessarily the regulator...From the crowd, there is nowhere to hide."
5 comments
New User? Sign up