ASIC report highlights a deep culture problem in Australia's banks
- Written by Pat McConnell, Honorary Fellow, Macquarie University Applied Finance Centre, Macquarie University

In it’s latest report, the Australian Securities & Investments Commission (ASIC) found the big four banks sold products to some customers through their adviser network, with a fee for ongoing advice, but the advice was never given.
None of this came to light until the banks were asked by ASIC to look at adviser compensation, following...