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

Abstract

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: https://ssrn.com/abstract=3687056 or http://dx.doi.org/10.2139/ssrn.3687056

Shann Turnbull (Contact Author)

International Institute for Self-Governance ( email )

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HOME PAGE: http://independent.academia.edu/ShannTurnbull/CurriculumVitae
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Sustainable Money Working Group ( email )

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New Garden City Alliance ( email )

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