FMA on banks: 'going to the edge of the law'

Newsroom has this article, with a nice, dynamic photo of Rob Everett, Financial Markets Authority CEO, talking about how Banks are going to the edge of the law. The article also introduced my favourite phrase, from Adrian Orr, Governor of the Reserve Bank, called an 'essay writing competition'. If that's the case it is also a very serious form of competition. Not only are the resources consumed in preparing the essay very large - and I know many of the people involved, and they are very, very busy right now - but the stakes are high. As has been seen in Australia, failing to be completely honest and clear with your regulator can have terrible consequences: look at AMP's experience there.