The final report and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, led by the Hon Kenneth Hayne AC QC, was published today: see here. The Australian Government's response, highlighting the actions it will take in respect of all of the recommendations, is available here (pdf).The report (and the preceding interim report) found widespread misconduct (and misconduct that often went unpunished or which had consequences not reflecting its seriousness) and its recommendations are similarly wide in scope. Primarily responsibility for this misconduct was found to be with boards and senior management. The report argues for the retention of the 'twin peaks' model of financial regulation but calls for a new oversight authority, independent of Government, for the APRA and ASIC. It also makes recommendations concerning the culture, governance and remuneration of regulated entities (see, in particular, chapter 6).
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