Following much speculation, Commissioner Kenneth Hayne’s final report in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released to the public on Monday, 4 February 2019.
The report contains 76 recommendations arising out of the Commission’s observations, in four areas:
- the connection between conduct and reward;
- the asymmetry of power and information between financial services entities and their customers;
- the effect of conflicts between duty and interest; and
- holding entities to account.
Whatever the political and regulatory response, financial services organisations and leaders will need to navigate an evolving industry landscape, focus on governance and culture and better equip their businesses to effectively manage risk and compliance into the future.
In the coming weeks we will explore the key challenges and opportunities for organisations arising from the Hayne Royal Commission, sharing insights from our risk and compliance specialists and legal experts.
You can find the full final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services here.