The Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released on Monday 4 February 2019.
As predicted, Commissioner Hayne delivered a lengthy report and a comprehensive set of recommendations across the banking, financial advice, superannuation and insurance sectors (FS sectors) as well as on culture, governance and remuneration (CG&R) and on the regulators. These have already been, and will remain, the subject of intense scrutiny by all stakeholders in the weeks and months ahead.
In light of the principles and issues that Commissioner Hayne has outlined in his report, his recommendations and supporting commentary should be viewed as relevant, not only, of course, to financial service entities but also to entities operating in the non-financial corporate space. The content of the report has universal application, especially on culture and governance.