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Visit the ABC: The banks, the Government and the half-trillion-dollar super grab
Just when they appeared on the cusp of victory, the major banks and AMP have had their ambitions to grab control of a lucrative section of the superannuation industry crushed.
After just two fortnight-long public sessions, Royal Commissioner Kenneth Hayne and his ruthlessly efficient senior counsel Rowena Orr have unearthed widespread corruption, lax regulatory oversight and even potential criminal behaviour at the most senior levels of our financial institutions.
Senior government ministers, including Prime Minister Malcolm Turnbull, have been forced to backflip on their attitude to the industry, with many expressing regret for their staunch opposition to a royal commission.
It may also nudge them to rethink their unwavering support for the banks in a long-running campaign to muscle their way into the MySuper default schemes.
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