5Adele Ferguson, ‘ASIC to feel heat over “star” planner’, The Age, 7 May 2014, p.28.
6Tony Boyd, ‘ASIC roasts CommBank execs’, Financial Review, 6 June 2014, p.60.
Chapter 8: Reluctant concessions
1Senate Standing Committees on Economics, The Performance of the Australian Securities and Investment Commission, 2014, Executive Summary.
2Ibid, p.xix.
3Ibid, pp.xxi and 179.
4Senate Economics References Committee hearing, 10 June 2014.
5Ibid, p.20.
6Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into Financial Products and Services in Australia, November 2009.
7Ben Butler, ‘CBA’s Ian Narev on holiday while planning scandal boiled over’, The Age, 4 July 2014, p.4.
8Adele Ferguson, ‘Narev needs to speak up and soon for CBA’s good’, Sydney Morning Herald, 2 July 2014, p.23.
9Adele Ferguson and Ben Butler, ‘Planners weigh in on royal commission CBA scandal, Kennett joins chorus’, The Age, 3 July 2014, p.8.
10Century Private Wealth, ‘FPA calls for full compensation of CBA clients’, 20 October 2016.
11Adele Ferguson and Ben Butler, ‘Banking scandal compensation scheme open to 400,000 customers CBA sorry “too little, too late”’, The Age, 4 July 2014, p.1.
Chapter 9: Flawed schemes
1Adele Ferguson and Ben Butler, ‘Down the hole: The silver doughnut that left a big hole’, Sydney Morning Herald, 2 August 2014, p.4; Adele Ferguson and Ben Butler, ‘Macquarie advisers used “cheat” document’, The Age, 2 August 2014, p.3.
2Pat McGrath and Michael Janda, ‘Senate inquiry demands royal commission into Commonwealth Bank, ASIC’, ABC News online, 27 June 2014.
3Adele Ferguson and Ruth Williams, ‘Victims seek olive branch from ANZ over Timbercorp collapse’, The Age, 8 November 2014, p.1.
4Adele Ferguson and Ruth Williams, ‘Victims seek olive branch from ANZ over Timbercorp collapse’, Sydney Morning Herald, 8 November 2014, p.6.
5Georgia Wilkins and Yolanda Redrup, ‘ANZ faces financial scandal over Timbercorp’, The Age, 12 November 2014, p.24.
6Peter Whish-Wilson, press release, ‘Timbercorp and the MIS Senate Inquiry: this is just the beginning’, 12 November 2014.
Chapter 10: Trouble on the Death Star
1APRA, Report into Irregular Currency Options Trading at the National Australia Bank, 23 April 2004, p. 6.
2Andrew Hagger, ‘Memorandum for group risk return management Committee’, p.111.
3Adele Ferguson and Ruth Williams, ‘NAB compensation takes years after investment nightmare’, Sydney Morning Herald, 21 February 2015, p.1.
4Adele Ferguson and Ruth Williams, ‘ASIC allowed NAB to check and alter media release into bank’s Wealth’s Navigator errors’, Sydney Morning Herald, 20 February 2015.
5Adele Ferguson, ‘NAB’s dream-destroying death star’, The Age, 21 March 2015, p.1.
Chapter 11: Shooting the messenger
1Adele Ferguson and Sarah Danckert, ‘Boiler room throws customers to the wolves: IOOF sacks whistleblower’, 20 June 2015, Sydney Morning Herald, p.1.
2Adele Ferguson and Sarah Danckert, ‘IOOF scandal sparks calls for royal commission: Finance wrongdoing by staff’, Sydney Morning Herald, 22 June 2015, p.23.
3ASIC media release, ‘ASIC’s inquiry into IOOF’, 8 July 2016.
4Michael Roddan, ‘IOOF looks to future as ASIC drops inquiry’, The Australian, 9 July 2016, p.28.
5Adele Ferguson, ‘Again, ASIC punishes with velvet gloves’, The Age, 9 July 2016, p.2.
Chapter 12: Claims denied
1Adele Ferguson, ‘Money for Nothing’, Four Corners, ABC TV, 7 March 2016.
2Adele Ferguson, ‘On protecting whistleblowers’, keynote address to the 2016 Press Freedom Australia Dinner, Sydney, 6 May 2016.
Chapter 13: Battle lines
1Phillip Coorey and Patrick Durkin, ‘Turnbull tells banks to clean themselves up’, Financial Review, 7 April 2016, p.1.
2Question Time, ABC TV, 18 April 2016; see also ‘Turnbull and Morrison’s greatest hits on royal commission’ at www.chrisbowen.net.
3Matthew Knott, ‘Shorten’s banking call a “populist whinge”’, Sydney Morning Herald, 8 August 2016, p.7.
4Australian Government, Fit for the Future: A Capability Review of the Australian Securities and Investments Commission, December 2015.
5Doorstop interview with Scott Morrison, Sydney, 11 April 2016, Treasury Transcripts.
6Michael Bennett and Richard Gluyas, ‘Banks respond to PM’s censure’, The Australian, 22 April 2016, p.23.
Chapter 14: Banksters
1https://twitter.com/AUSTRAC/status/892934753967513600.
2AUSTRAC media release, ‘AUSTRAC seeks civil penalty orders against CBA’, 3 August 2017.
3Concise statement, CEO of AUSTRAC v CBA, Federal Court, 3 August 2017, p.6.
4Michael Evans, ‘Police “follow the money” in laundering case and bust cocaine supply ring’, Sydney Morning Herald, 12 November 2017.
5Andrew Tillett, James Eyers, Sally Patten and James Frost, ‘Morrison warns all options open’, Financial Review, 9 August 2017, p.1.
6James Frost, Andrew Tillett, Sally Patten and James Eyers, ‘Scott Morrison warns Commonwealth Bank over money laundering scandal’, Financial Review, 8 August 2017, p.1.
7Andrew Tillett, James Eyers, Sally Patten and James Frost, ‘Morrison warns all options open’.
8CBA media release, ‘Statement by the Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, on executive remuneration’, 8 August 2017.
9Adele Ferguson, ‘Watchdog rips into banks on trust deficit’, The Age, 12 August 2017, p.2.
Chapter 15: About-turn
1Paul Karp, Michael McGowan and Melissa Davey, ‘Australia’s PM wants marriage equality by Christmas after “overwhelming” vote’, The Guardian, 15 November 2017.
2Mark Kenny and Jacqueline Maley, ‘Blizzard of changes likely for bill’, Sydney Morning Herald, 10 November 2017, p.4.
3Adele Ferguson, ‘Banking royal commission nears’, Financial Review, 20 November 2017, p.38.
4Ibid.
5Sharri Markson, ‘Turnbull Cabinet discusses an about-face on holding a Royal Commission into Australia’s banks’, Daily Telegraph, 22 November 2017, p.1.
6Mark Kenny, James Massola and Clancy Yeates, ‘PM dogged by leaks and rebellion by the banks’, Sydney Morning Herald, 24 November 2017, p.1.
7Phillip Coorey, ‘Nats go rogue after Qld loss’, Financial Review, 27 November 2017, p.1.
8CBA media release, ‘ASX announcement: Major banks unite to call for certainty and stability’, 30 November 2017.
9Mark Kenny, ‘Banks face commission after Turnbull caves’, Sydney Morning Herald, 1 December 2017, p.1.
10‘“Mistake” not calling royal commission earlier: Turnbull’, video, Sydney Morning Herald, 22 April 2018.
11Paul Karp and Gareth Hutchens, ‘Malcolm Turnbull orders royal commission into banks and financial sector’, The Guardian, 30 November 2017.
12Doorstop interview with Nick Champion, Adelaide, 30 November 2017, Parliament of Australia transcript.
PART TWO – A BLAST OF SUNLIGHT
All extracts from the public hearings are from the transcripts on the royal commission website, https://financialservices.royalcommission.gov.au.
Chapter 16: Round 1: Consumer lending
1Shayne Elliott, ‘Why ANZ backs the royal commission’, letter to ANZ staff, https://bluenotes.anz.com.
2Kenneth Hayne, The Interim Report of the Financial Services Royal Commission, 28 September 2018, vol.1, p.42.
3Reserve Bank of Australia, Financial Stability Review, April 2017.
4Jonathan Mott, Rachel Bentvelzen and George Tharenou, ‘UBS Evidence Lab – $500 billion in “liar loans”?’, UBS, 11 September 2017; Jonathan Mott, Rachel Bentvelzen and George Tharenou, ‘Aussie Banks – UBS Evidence Lab: liar loans #2
– Interest only’, UBS, 4 October 2017.
5ASIC media release 15–128MR, ‘Sydney man pleads guilty to home loan fraud’, 26 May 2015.
6Stephen Sedgwick AO, Retail Banking Remuneration Review, 19 April 2017.
Chapter 17: Round 2: Financial advice
1ASIC, Report 499 Financial advice: Fees for no service, 27 October 2016.
2Phillip Coorey and Andrew Tillett, ‘Morrison to hit banks even harder’, Financial Review, 20 April 2018, p.1.
3Malcolm Farr, ‘Malcolm Turnbull admits his mistake as Labor demands an apology’, Daily Telegraph, 23 April 2018.
4https://twitter.com/barnaby_joyce/status/986566461706547201?lang=en.
5Malcolm Farr, ‘Malcolm Turnbull admits his mistake’.
Chapter 20: Round 5: Superannuation
1Richard Gluyas, ‘Banking royal commission: NAB CEO Andrew Thorburn says sorry for “letting you down”’, The Australian, 9 August 2018.
2ASIC, Report 499 Financial advice: Fees for no service, 27 October 2016.
3Adele Ferguson, ‘IOOF flunks both the pub test and the front page test’, The Age, 11 August 2018, p.21.
4Adele Ferguson, ‘Banking royal commission: APRA a “hear no evil, see no evil” regulator’, Financial Review, 19 August 2019, p.49.
5Adele Ferguson, ‘IOOF flunks both the pub test and the front page test’.
6Glenda Korporaal, ‘$80 billion boost for industry super funds’, The Australian, 29 May 2019, p.23.
7Scott Pape, ‘A super fund with ZERO fees?’, Barefoot Investor website, 17 December 2018.
8Lucy Battersby, ‘Billions move from retail funds into industry funds’, The Age, 14 April 2019, p.22.
9Rod Myer, ‘Industry fund inflows booming in the wake of royal commission’, The New Daily, 16 November 2018.
Chapter 21: Round 6: Insurance
1Adele Ferguson, Mario Christodoulou and Klaus Toft, ‘Heartless attack’, The Age, 5 March 2016, p.1.
2As per section 12DB of the ASIC Act.
3ASIC media release, ‘CommInsure pays $300,000 following ASIC concerns over misleading life insurance advertising’, 18 December 2018.
Chapter 22: The interim report
1Australian Banking Association press conference, Anna Bligh responds to the release of the banking royal commission’s interim report, 28 September 2018.
2Michael Roddan and Ben Butler, ‘Banks face regulation revolution’, The Australian, 29 September 2018, p.27.
3Richard Gluyas, ‘In for the long haul: Byres’ call to life industry standards of behaviour begins with regulator’, The Australian, 12 October 2018, p.23.
Chapter 23: Round 7: CBA
1Justin O’Brien, ‘How Kenneth Hayne will change Australia’, Financial Review, 5 October 2018, p.4.
Chapter 25: Round 7: ASIC and APRA
1APRA, Prudential Inquiry into the Commonwealth Bank of Australia, April 2018
2Pat McConnell, ‘Out of their depth at the royal commission’, RFI Group website.
Chapter 27: Round 7: ANZ
1‘Margin Call’, ‘Melanie’s a chip off the old block’, The Australian, 29 November, 2018, p.18.
Chapter 28: Too close for comfort
1Michael Roddan, ‘NAB meeting AUSTRAC obligations: Andrew Thorburn’, The Australian, 15 December 2017.
2Edmond Tadros, ‘“Appalling” audit quality could lead to next Enron: ASIC’s Greg Medcraft’, Financial Review, 31 October 2017, p.23.
3‘Big Four vent fury at watchdog’s plan to split audit and consulting divisions’, The Telegraph, 19 April 2019.
4APRA, Prudential Standard CPS 220: Risk Management, Clause 45, July 2017, p.11.
Chapter 29: A waiting game
1Elysse Morgan, ‘Despite the banking royal commission, NAB pursues high-pressure pre-Christmas sales drive’, ABC Online, 29 November 2018.
2Bevin Shields, ‘Scott Morrison warns against rash response to banking royal commission’, Sydney Morning Herald, 31 January 2019.
Chapter 30: The final report
1ASIC, Financial Advice: Vertically Integrated Institutions and Conflicts of Interest, January 2018.
2NAB media release, ‘NAB CEO and Chairman comment on royal commission final report’, 5 February 2019.
3Clancy Yeates and Elizabeth Knight, ‘Bank leadership clearout needed to clean up culture’, Sydney Morning Herald, 9 February 2019.
4Phillip Coorey, ‘Labor wants new bank levy to boost compensation scheme’, Financial Review, 21 February 2019, p.1.
5House of Representatives Standing Committee on Economics, Hansard transcript, 17 August 2018.
6Misa Han, James Eyers and Edmund Tadros, ‘ASIC: Deals unlikely in post-Hayne world’, Financial Review, 17 May 2019, p.21.
7Benjamin Quinlan, Yvette Kwan and Hugo Cheng, ‘Value at risk: A look at banking’s US$850 billion behavioural problem’, Quinlan & Associates, September 2017, p.4.
About the author
ADELE FERGUSON is a multi-award-winning senior business writer and columnist for The Age, the Sydney Morning Herald and the Australian Financial Review. She is a regular guest reporter on ABC’s Four Corners and 7.30, and is the author of the bestselling unauthorised biography Gina Rinehart: The untold story of the richest woman in the world.
With more than twenty years’ experience, Adele is one of Australia’s most awarded journalists. She has received eight Walkley awards, including a Gold Walkley for her joint Fairfax Media and Four Corners program ‘Banking Bad’; two Gold Quill Awards, including one for her exposé of CBA’s CommInsure; two Gold Kennedy Awards; a Logie; and the Graham Perkin Journalist of the Year award. She was recognised for services to journalism with an AM in 2019.
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