What types of problems were identified in the prudential inquiry into CBA that delivered its final report in April 2018 (Australian Prudential Regulation Authority, 2018)? How do these problems arise within financial intermediaries? Discuss with reference to recent examples in the financial services industry (using CBA or other financial firms).

How do these problems impact on financial intermediaries and their customers?

What role does regulation play in addressing governance, culture and accountability problems within financial intermediaries?

What actions have financial firms taken to identify and rectify these problems?

How successful have these actions been? Where have they been inadequate?

How can industry practices in this area be improved in the future?