I wonder if anyone has read the Execute Summary of the Interim...

I wonder if anyone has read the Execute Summary of the Interim Report?

https://financialservices.royalcomm...nterim-report/interim-report-exec-summary.pdf

The RC has a job to make recommendations, not to cripple the financial services of Australia as a lot of the public seem to think and there is no reference anywhere to imply that financial punishments other than the institutions own findings of investigations will be applied. The Commissioner would be well aware of the economic repercussions of a reckless backlash. The summary also points to a number of efforts being made in what is most likely placating reactions of the institutions to the RC itself which will in no way satisfy the general public that has no idea of the role of the banking system in maintaining a strong and reliable financial system. Australia's banking system is one of the best in the world and what people should be looking for is a higher level of accountability rather than a smug satisfaction that the financial sector has been hung, drawn and quartered. As in any business, wrongdoing, or those found guilty of it should be punished. Financial compensation should be awarded.

To quote a passage which implies that all current laws required are already in place and what might need to change is how they are enforced or simplified to make enforcement easier.

"The law already requires entities to ‘do all things necessary to ensure’ that the services they are licensed to provide are provided ‘efficiently, honestly and fairly’. Much more often than not, the conduct now condemned was contrary to law. Passing some new law to say, again, ‘Do not do that’, would add an extra layer of legal complexity to an already complex regulatory regime. What would that gain?   Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services that are fit for purpose; delivering services with reasonable care and skill; and, when acting for another, acting in the best interests of that other? The basic ideas are very simple. Should the law be simplified to reflect those ideas better?"

Bold text is mine.

Unless The Commissioner, The Governor-General, The Prime Minister or the treasurer decide to start whispering secrets which would be a career ending mistake, Nobody is going to know the outcome until Monday afternoon. The real reaction starts Tuesday