Asked at the banking royal commission how long it might take to embed the right culture in the National Australia Bank, its chairman Ken Henry replied: ten years.

As head of the Commonwealth Treasury before he left to join the NAB board in 2011, Dr Henry was regarded as a good, if cautious, forecaster. So ten years might be about the right answer.

He said there were “cultural inhibitors” at the bank, and he is right.

Deeply embedded within the workings of many financial institutions is a corrupt ethos of client exploitation.

These words might seem harsh, a kneejerk reaction to outrageous and possibly transient circumstances.

But they are neither my words, nor new ones.

Read the full article on The Conversation.