2018-06-03 21:37:11 UTC
Commission into banking concerning penalties for wrong-doing. There is
a contrast between the enforcement of competition law (civil penalties
only) by ACCC and enforcement of corporate regulatory law (criminal
penalties) by ASIC, and consumer protection law by both. It's something
of a mess.
An ABC article refers to the anomalies, and points out the obvious -
ASIC is not fit for purpose, the law is ineffective, and governments of
both flavours have been asleep at the wheel -
The article also makes the interesting general observation "While
research suggests the seriousness of a penalty does little to deter
general criminal activity, white collar crime appears to be the
exception". I agree with that observation, which raises the issue of
how we should go about deterring undesirable activity, both generally
and in the commercial world.
Meanwhile, our prisons are taking in greater numbers of people, all too
many of whom have a significant (or very significant) mental or social
We learn too slowly.