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Submission on Interim Report of the Royal Commission into Misconduct in Financial Services

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Summary : The essence of my submission is that the approach taken by the Interim Report - which presumes existing laws are largely sufficient and focuses on how to minimise future breaches of them - will not address the broadest and most significant adverse impacts of the financial services industry on Australians, especially on those most vulnerable and least financially savvy. Misconduct is just the tip of a much larger iceberg of adverse impacts of the financial services industry on Australians. It is entirely feasible to operate "efficiently, honestly and fairly" within existing Australian laws and industry codes and primarily extract wealth from people rather than create value for them and be compensated for it. The key big picture issue is that modern capitalism is plagued by currently-legal activities whose core purpose is to extract value rather than create it.