The HRC has produced (amongst other things) some memorable moments over the past 6 months, ranging from the destruction of the AMP's reputation, and that of its chairperson, the collapse of a witness in the midst of his testimony (which might have saved him from further immediate embarrassment), and overall the understanding that the consumer invariably comes second in dealings with the banking system.

The past two weeks have shone a similar light on the insurance sector, with equally horrific tales of appalling, and in some cases allegedly criminal behaviour, generally inflicted on those most vulnerable. Maybe, as one who has had to deal with an insurance company over a claim, or been on the end of a sales call, there weren't expected to be too many surprises, but surprises there were.

Charging deceased people premiums? Tick. Denying claims without just cause? Tick. What was of concern was the size of the organisations, and the seniority of those in the know, with the ability, but not the inclination, to prevent such practices. 

If one had to have sympathy for a witness appearing before the HRC however, it was today's victim, Sally Loane, CEO of the Financial Services Council, the peak industry body with the unenviable task of representing, amongst others, the insurance sector. Without being the perpetrator of the actions of her members, she was made to look responsible for endorsing their collective misdeeds.

It made for uncomfortable TV, and will no doubt be replayed again and again on tonight's news and current affairs channels.  With nowhere to go without condemning or damning her members, Loane resembled someone crossing a river full of crocodiles on a tightrope, whilst dodging well-aimed spears from the other side, all the while with no protection other than "I'm the CEO, and have an expert better able to answer that technicality".

Of course in her position, one question was unanswerable: Why is the insurance industry not subject to the same law that requires directors (and others) to "deal honestly, efficiently and fairly" as required by the Corporations Act?

The problem, however, is that even when applied to the rest of the banking and financial services sector, the issue seems to have been well and truly swept under the (boardroom) carpet.

Moving away for the HRC (which by the way is due to produce its interim report in time for next week's "Hedge Clippings") this week saw the US 10 year bond rate poke its head above the 3% mark again. With multiple opinions on the downward direction of Australia's housing market, one thing remains clear: The rising housing tide we've seen was caused significantly, if not totally, by 10 years of unrealistically low interest rates, and easy credit. 

As those rates rise, and easy credit becomes a distant memory, so that tide will recede, most likely very quickly. Add to that the threat of Bill Shorten and a potential limit on negative gearing, and the outgoing tide may become a flood, with resultant effects on the economy as a whole.