So who is going to be named first?
Outsider has a list of people’s names on his desk which he believes may be similar to a list provided to the Australian Securities and Investments Commission (ASIC) by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Indeed, when providing its update on implementing the recommendations of the Royal Commission, ASIC noted that it had received “11 specific referrals in relation to eight entities” which was in addition to two referrals made during the course of the Royal Commissions hearings.
The question is, who within those eight entities will be held to account?
According to ASIC it has prioritised work on those referrals, but before anyone gets too excited the regulator has said that it will not comment on actual or potential investigations and is unlikely to do so until it actually commences proceedings.
So, for now, Outsider is left to contemplate his list while wondering whether some well-known financial services institutions have factored into their balance sheets the cost of funding the defence of current and/or former executives?
Perhaps, though, financial services operatives who are pursued by ASIC as a result of Royal Commission referrals will not be as fortunate as those Federal politicians who have their legal bills either paid by their party or the Commonwealth taxpayer.