Banking Royal Commission Report - in a nutshell

Introduction The Banking Royal Commission final report was released to the public on 4 February 2019. In the report, Commissioner Hayne has made 76 recommendations, some of which may have significant impacts across the banking, superannuation and financial services industry, and those who regulate it.  While no individuals have been referred for criminal prosecution, the Commissioner has identified 22 entities as having engaged in possible misconduct. The report also recommends expanding enforcement powers for regulators and increasing penalties for law breakers.  Given the endorsements received from both sides of Government to the majority of the recommendations, there is little doubt we will see swift legislative and regulatory action. The underlying issues Commissioner Hayne prefaced the report with four observations which underpin his recommendations: The conduct of entities and individuals was driven by the pursuit of profit and gain. Their conduct was enabled by an imbalance of power and knowledge between…