Regulating Financial Misconduct: ‘Should the Existing Law Be Administered or Enforced Differently?’

17 Pages Posted: 24 Oct 2020

See all articles by Shann Turnbull

Shann Turnbull

International Institute for Self-Governance; Sustainable Money Working Group; New Garden City Alliance

Date Written: September 5, 2020


This paper reviews the efficacy of the Australian government’s initiatives to counter misconduct identified by its Royal Commission into misconduct in the banking, superannuation and financial services industries. We answer the Commission’s Interim report question as to whether existing law should be administered differently. We propose the formation of stakeholder associations for each financial service firm for each of its stakeholder constituencies to appoint an advocate to become a co-regulator. Firm advocates would advise financial firm shareholders on Key Performance Indicators for directors to protect stakeholder interests on who their revenues depend, and for Parliament to evaluate government Regulators.

Keywords: Contested Decision-Making, Network Governance, Stakeholder Regulation, Toxic Hierarchies, Watchdog Boards

JEL Classification: D02, D22, D63, D72, 73, 74, D83, G21, G22, G32, K23, L59, M48

Suggested Citation

Turnbull, Shann, Regulating Financial Misconduct: ‘Should the Existing Law Be Administered or Enforced Differently?’ (September 5, 2020). Available at SSRN: or

Shann Turnbull (Contact Author)

International Institute for Self-Governance ( email )

PO Box 266 Woollahra
Cell: +61418222378
Sydney, New South Wales 1350
+61293278487 (Phone)
+61280655905 (Fax)

SKYPE: shann.turnbull

Sustainable Money Working Group ( email )

Holyoake House
Hanover Street
Manchester, M60 0AS
United Kingdom

New Garden City Alliance ( email )

113 Guinness Court
London, UK, SE1 3TA
United Kingdom
+44 207 378 1902 (Phone)


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