The Final Report for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been released. The report is complex and the government has agreed in principle to act on the 76 recommendations.
Without a doubt, Hayne’s recommendations will ignite needed change – bringing increased transparency and re-establishing effective leadership. However, they also clearly recognise that wrong-doings should be overcome by utilisation of existing laws and reinforcing the power of our regulators.
Hayne’s recommendations also bring the equilibrium back by rebuilding trust through a client first mindset- enabled by creating operating models which are tied to good culture and are intrinsic to good governance and accountability.
The release of the report is certainly not the end of the enquiry and more is yet to come. Our national team will continue to dissect the report and bring you up-to-date commentary as it happens.
Nick Hatzistergos | Network Chairman