ASIC lashes tricky banks

The Australian Securities and Investments Commission has lashed the banks for their take-no-prisoners approach to negotiations and failing to live up to lofty advertising promises in a submission to the Hayne royal commission.

The corporate regulator said the behaviour was at odds with core values commonly articulated by the banks such as being customer focused or acting with integrity. ASIC said these values were not always reflected in the conduct of the banks and were little more than sloganeering.

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