The Australian Securities and Investments Commission is facing a Senate inquiry over claims it acted slowly over evidence of fraud by advisers employed by the Commonwealth Bank.
Radio New Zealand's Sydney correspondent reports the ASIC took 16 months to act on evidence by whistleblowers inside the bank that one planner forged signatures, created unauthorised accounts and overcharged fees.
The planner had 1300 clients, many of them retired people.
Whistleblowers say others in the bank routinely put clients into high-risk investment products that earned fees for their employer.
The big question is why it took so long for the securities commission to act on the complaints, which dated from 2008.
