Senator John ‘Wacka’ Williams insisted on a royal commission into the banking sector, despite his party’s sustained opposition against the idea.

Now he’s feeling rather vindicated, with the crackdown inquiry exposing a series of shocking misconduct allegations.

“I knew things were pretty crook,” he tells Luke Grant.

“But what I hope comes out of all this, is that total confidence can be restored in these institutions.”

The regulator’s “timid” and “shy” approach to banking transgressions has been taken issue with, as Williams looks to revitalise the punitive aspects of the role.

“They were too slow to act, they weren’t severe enough.  I said to the new boss James Shipton, ‘I have a goal that you will be a feared regulator.’ ”

“Do what you have to do and swing the axe. We have to have people in the corporate world fearful of ASIC, APRA and the ACCC. If you live in fear of punishment, you’re not going to do the wrong thing.”

Senator John &lsquo;Wacka&rsquo; Williams insisted on a royal commission into the banking sector, despite his party&rsquo;s sustained opposition against the idea.
Now he&rsquo;s feeling rather vindicated, with the crackdown inquiry exposing a series of shocking misconduct allegations.
&ldquo;I knew things were pretty crook,&rdquo; he tells Luke Grant.
&ldquo;But what I hope comes out of all this, is that total confidence can be restored in these institutions.&rdquo;
The regulator&rsquo;s &ldquo;timid&rdquo; and &ldquo;shy&rdquo; approach to banking transgressions has been taken issue with, as Williams looks to revitalise the punitive aspects of the role.
&ldquo;They were too slow to act, they weren&rsquo;t severe enough.&nbsp;&nbsp;I said to the new boss James Shipton, &lsquo;I have a goal that you will be a feared regulator.&rsquo; &rdquo;
&ldquo;Do what you have to do and swing the axe. We have to have people in the corporate world fearful of ASIC, APRA and the ACCC. If you live in fear of punishment, you&rsquo;re not going to do the wrong thing.&rdquo;

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A fast-paced show, focusing on current events, social issues, sport and entertainment.

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