Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Royal commission · Commonwealth · Dated 1 February 2019

Official source

PDF · 530 pages · 2.4 MB · treasury.gov.au

Summary

Generated summary: written by an AI model from the report text and checked against the cited pages.

The financial services Royal Commission examined misconduct and behaviour that fell below community expectations in financial services businesses.
Report, page 35
It considered banking, financial advice, superannuation and insurance, as well as industry culture, governance, remuneration and regulators.
Report, page 42
The Commission concluded that rewards encouraged misconduct, customers faced unequal power and information, conflicts harmed clients’ interests and wrongdoing too often escaped proper accountability.
Report, page 35 · Report, page 36 · Report, page 37
It placed primary responsibility on the businesses concerned and their boards and senior managers.
Report, page 38
The Commission recommended changes to lending, advice fees, insurance, superannuation, remuneration and regulatory oversight, including duties for mortgage brokers to prioritise borrowers’ interests.
Report, page 54 · Report, page 59 · Report, page 63 · Report, page 65 · Report, page 69 · Report, page 75

Conclusion
Fourth, too often, financial services entities that broke the law were not properly held to account.
Report, page 37
Conclusion
There can be no doubt that the primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who managed and controlled those entities: their boards and senior management.
Report, page 38

No recommendations are reproduced in this record. This does not establish that the report contains none.

Established: In accordance with the Letters Patent issued to me on 14 December 2017 Report, page 3
Commissioner: Kenneth M Hayne Commissioner Report, page 3
Final report: 1 February 2019

Final Report, Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Volume 1
Final report · Dated 1 February 2019 · 530 pages · PDF, 2.4 MB
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Date as printed
1 February 2019 His Excellency General the Honourable Sir Peter Cosgrove Report, page 3
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Restoring trust in Australia’s financial system: The Government response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Government response · 42 pages · PDF, 438 KB
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Financial Services Royal Commission
Implementation progress
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Recommendations are not yet loaded from the final report: its list of recommendations is set out in a form OPAX does not yet read reliably.