Royal Commission is uncomfortable reading for Australia’s big banks
An industry humbled, NAB flagellated – but it doesn’t make the biggest change.
From the big banks’ point of view, the final report from the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is embarrassing and humbling but changes little.
Justice Kenneth Hayne handed over the report to Australia’s treasurer Josh Frydenberg in an arse-clenchingly uncomfortable photocall on Friday. It was formally released to the general public and to the banks who were in it, who were not granted a chance to see it before publication, on Monday February 4.
It contains 76 recommendations, all of which the government has promised to act upon (with just one, on remuneration in the mortgage broking industry, left open to revision) and a great deal of invective.
Frydenberg, seeing which way public opinion is blowing, has followed up with remonstration of his own.
“The price paid by our community has been immense and goes beyond just the financial,” Frydenberg said at the release. “Businesses have been broken, and the emotional stress and personal pain have broken lives.
“My message to the financial sector is that misconduct must end and the interests of consumers must now come first.