Banking royal commission: How ASIC went missing in action with the banks
Then the tough talk. Barnaby Joyce's admission that he was wrong to oppose a royal commission into banks was quickly steamrolled by Treasurer Scott Morrison's resolute and defiant shift, quickly upgrading the corporate regulator's legal arsenal. Instead, it's opted for what's known as "enforceable undertakings" — effectively a slap on the wrist and a hollow threat that it may take real action if it ever happens again. Following federal budget changes two years ago, the corporate sector — and particularly the financial sector — now picks up the $330 million tab for funding the corporate regulator. Just over a week ago, a few days before all this blew up in the royal commission, ASIC had the CBA, the worst offender by far, sign an enforceable undertaking for overcharging clients $118 million.
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