The big banks are in hot water for allegedly misleading the corporate regulator and for charging fees for no service.

Treasurer Scott Morrison told Ross Greenwood financial service companies effectively played ASIC because they weren’t fearful of the consequences.

Former Chairman of the ACCC Allan Fels tells Ross some banks felt no fear from the corporate watchdog.

“There is just a culture there that has had a big impact on corporate behaviour.

“You’ve got to hit hard on individual cases to make the rest of the sector sit up and start behaving properly, and that has not really been happening with ASIC.

“They don’t really have a sufficiently strong law enforcement mentality.

“The track record on enforcement is rather weak.”

Listen to the full interview below

Related

Scott Morrison ‘deeply disturbed’ by AMP misconduct, ramps up ASIC’s power