The Role of Regulators in the Australian Financial System

NAB this year has cancelled introducer programs, but yeah, they were official. ASIC came out of a thing that was called the NCSC which started out at it had in the 80s when financial deregulation happened. This regulator had $5 million budget and 80 people, which was just ridiculous. In terms of financial stability, it's done a great job. But in terms of conduct and culture and allowing all these scandals to go on, it's really been missing in action. And you've seen through the Royal Commission that both of them have been really deficient.