On 1 February 2019, following a whirlwind 12-month inquiry, Commissioner Hayne delivered his greatly anticipated Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
It was released to the public on 4 February 2019. The commission’s Final Report is a weighty tome and contains a broad range of recommendations concerning the future of the banking, superannuation and financial services sectors.
While some commentators have expressed disappointment that the Commission did not go further and make more radical recommendations for structural reforms in the industry, the recommendations that have been made are significant and — critically — have the in-principle support of both the Federal Government and the Opposition.
In this paper, business law firm Hall and Wilcox sets out a summary of the key findings and recommendations in relation to the six topics addressed by the Commission during its public hearing rounds.
In addition, the commission’s recommendations concerning the industry regulators ASIC and APRA are summarised, and some of the key instances of potential misconduct as found by the commission are addressed.
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