The Commission, set up by the government late last year to investigate wrongdoing in banks and other financial institutions, has uncovered a number of issues (see article here). Institutions have been fined, executives have resigned and been replaced. Also, the Australian Securities and Investments Commission, or are not, as they are obliged to do, prioritizing the interests of their members over the interests of others, including themselves and the groups of which they are parties,” Michael Hodge, a barrister assisting the year-long investigation, was quoted by Reuters as saying.

Firms that came under fire in this round of hearings include National Australia Bank after one of its units charged more than 220,000 customers for advice they did not receive. AMP has been accused of not overseeing its funds’ management tightly enough; the Commission has been told that some of AMP’s members received negative returns on cash accounts due to high fees.

“Members of superannuation funds, like most beneficiaries, are vulnerable ... many are disengaged and disadvantaged by a lack of financial literacy,” Hodge was quoted as saying. “They are readily able to be taken advantage of. And the evidence … suggests that this has occurred in some cases.”