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Hayne's warning on parliamentary plodders proves prescient

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One of the less-headline grabbing observations from banking royal commissioner Kenneth Hayne when he handed down his final report was that parliamentary oversight of regulators was essential.

He then proceeded to outline the limitations of parliamentary committees including the amount of time devoted to a particular topic as well as the training, skill and experience of committee members.

Senator James Paterson lambasts ASIC over decision to appeal a bank case.Credit:Alex Ellinghausen

Going by some of the behaviour on display at the joint parliamentary committee into the oversight of the Australian Securities and Investments Commission (ASIC) on Friday, it was a prescient comment.

It started out as polite questioning of the corporate regulator about its appeal of the now infamous Westpac "wagyu beef and wine" case but before long things descended into snide remarks.

Liberal Senator James Paterson, the commitee's chairman, made it clear he disagreed with the decision to appeal.

That disagreement became a pile on as a number of other committee members went for the jugular.

It risks standards around responsible lending being dropped

Over the course of 90 minutes, ASIC was accused of creating market uncertainty, failing to have solid evidence that Westpac’s practices caused harm to customers and not taking into account the wider economic consequences of its........

© The Age