ABSTRACT
Set in the context of the Australian financial services industry, this is a highly significant and rich case dealing with misconduct toward customers. While industry norms and regulatory failure were important background factors, this case is primarily about failures of governance, culture and accountability in a large, apparently successful commercial bank. The case is used to provide a detailed discussion of risk culture in a bank setting. Lessons are drawn for boards in relation to conduct risk, and the case also highlights the need to embed ethical culture as well as risk culture.
