As far back as at least the 1980’s there were issues developing where the commissions in the financial markets were developing in a way where the possibilities of corrupt conduct were increasing by some opportunistic staff. As these markets were deregulated then the path for potential corrupt practice became a promoted path by management of financial institutions. The 2018 Financial Inquiry that was held was able to reveal so many poor practices where charges were made for services not delivered or even needed by the customers. The financial regulator seemed to sit idly by enabling this corrupt practice to continue unabated.
Issues coming out of the inquiry:
There has been no significant legal penalty imposed.
The admission of fraudulent actions by the leadership.
The self-regulation of the financial sector was a licence to be fraudulent.
The Financial Regulator failed to oversee and prevent fraud.
All the financial institutions were equally fraudulent.
The fraudulent culture permeated to most customer service staff.
There is no effective competition between the financial institutions.
There is no effective sanction on the financial institutions demonstrating a dangerous closeness to the government.
Those who have engaged in fraudulent acts must face charges in their personal capacity.
Those who have encouraged others to act fraudulently must face possible charges of conspiracy to defraud.
The financial institutions must stop collusion and demonstrate true competitive nature or they will be broken up.
The management of the Financial Regulator must face disciplinary actions for failure to fulfil their function.
Far closer scrutiny of the actions of the financial institutions must commence at the earliest convenience.
Consideration of the re-establishment of a government owned bank.