Tuesday, 5 February 2019

Australian Royal Commission into Misconduct: Treasurer concedes “from today the sector must change, and change forever”.

Released: Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

The Guardian reports, "the much-anticipated report of commissioner Kenneth Hayne will precipitate widespread changes in the financial sector designed to beef up regulators, compensate victims, overhaul banking remuneration, end the unlawful and excessive charging of fees, encourage cultural reform and better protect vulnerable and disadvantaged customers."

But critics have warned the royal commission has not gone far enough, and has failed to recommend major structural changes or take a stronger approach to individuals and banks that ought to be criminally prosecuted.

Read the Commissioner's, the Honourable Kenneth Madison Hayne AC QC, report at: https://financialservices.royalcommission.gov.au/Pages/default.aspx