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APRA a 'hear no evil, see no evil' regulator

Adele Ferguson  |  20 August 2018  |  BankingRC

When Reserve Bank Governor Philip Lowe told parliament on Friday "sunlight is acting as a very good disinfectant here", it was a signal from one of the highest powers in the land that the royal commission is serving to strengthen the financial system not tear it down.

The banks, lobby groups, various media and politicians from the Prime Minister down to the Treasurer and Financial Services Minister, used every trick in the book to avoid a royal commission.

What did the little people know? Only that the foundations of finance – trust, customer service and risk management – were deficient.

Now it is on full display for all to see and comment on. "The trust between the community and financial institutions has been strained, there has not been enough focus on customer service – there's been more of a sales mentality rather than a service mentality – and risk management has not been all that it should have been in financial institutions," Lowe said.

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