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CBA criminal charges a good first step - but ASIC needs to do more

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For those looking for heads on sticks, news that CBA has been charged with 87 criminal offences was bitter sweet.

The bank that most contributed to the need for a royal commission into misconduct was finally being called to account. Not civilly, not with the usual negotiated settlements such as offers to rewrite press releases or small community donations, but criminally.

CBA could be the first company to be charged by the CDPP for misconduct uncovered by the Hayne royal commission. Credit:Michael Clayton-Jones

It’s a good start. But the regulator, the Australian Securities and Investments Commission (ASIC), stopped short of charging individuals. Instead it chose to go after the corporate entity.


© The Age