We’ll wait an eternity for the banks to fix themselves. Here’s what we can do now
PublisherFinancial services industry Banks and banking Governance Corporate social responsibility Misconduct in the banking superannuation and financial services industry Royal Commissions Australia
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.
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The Conversation Media Group 2018
Access Rights Type:
28 Nov 2018