Australia: Financial Services Royal Commission implementation roadmap published

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 in February: see here. At the same time, the Australian Government published a response: see here (pdf). More recently - a couple of days ago, in fact - the Government published an implementation roadmap: see here (pdf).

Amongst the report's recommendations were those concerning the culture, governance and remuneration of regulated entities (see, in particular, chapter 6). In this regard, the roadmap notes, amongst other things, that the APRA is reviewing its work programme in this area and will publish a statement of its approach by the end of 2019.

Australia: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - final report and recommendations

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).