SYDNEY - Australia's scandal-plagued banks are braced for "judgement day", as a public inquiry into industry misconduct prepares to publish its initial findings after months of damning customer testimony. But a raft of reports of them issuing dodgy financial advice, life insurance and fraudulent mortgages forced a reluctant business-friendly government to call for a Royal Commission late last year. In Samuel and other analysts' books, regulators had sufficient powers to reign in wayward banks -- but failed to do so. The agency on Tuesday released its own damning report finding "unacceptable delays" in banks' reporting and addressing "significant breaches" of laws. More oversight and tighter rules are likely to be raised in the interim Royal Commission report, which has been dubbed the banks' "judgement day" by some analysts and media.

Source: Bangkok Post September 26, 2018 07:18 UTC