How ANZ, CBA, Westpac, AMP won ASIC spin war
The Australian 12:00am April 19, 2017
Over nearly a decade, the corporate regulator regularly bowed to demands from big banks and financial players — NAB, CBA, Westpac, Macquarie and AMP — to water down the language used in press releases dealing with industry wrongdoing.
A trove of Australian Securities & Investments Commission documents, obtained by The Australian after a two-year Freedom of Information battle, shows the intense pressure put on the regulator by battalions of lawyers, executives and spin doctors in the service of banks and financial services companies.
At stake was the wording of press releases relating to some of the biggest scandals to rock the sector in recent years, including shoddy financial planning that hurt the retirement savings of up to 560,000 CBA and Macquarie customers and sparked calls for a royal commission into the sector.