Statements
The Briefing … Harsher punishments for corporate wrongdoing
Good morning, and welcome to The Briefing.
The government has introduced greater criminal and civil penalties for corporate and financial misconduct after the royal commission into the banking and finance industries heard details of illegal fee charging and unethical practices by lending institutions.
The commission heard yesterday that Commonwealth Bank of Australia subsidiary Count Financial charged clients up to 10 years after they had died, and from Westpac customers who lost their life savings after receiving poor financial advice. CBA representative Marianne Perkovic was accused by senior counsel assisting the commission, Michael Hodge QC, of “dissembling” and failing to answer questions, while commissioner Kenneth Hayne also criticised Perkovic’s answers as insufficient and directed her to listen to a question again …
Read here
The Saturday Paper