Shaping the future with confidence: Your business post-Financial Services Royal Commission
After 68 days of public hearings, 134 witnesses questioned and more than 6,500 exhibits tendered, the final report has been released in Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Commissioner Hayne's recommendations may initially seem somewhat modest – they do not undo vertical integration, impose limits on executive remuneration or ban bonuses. Nor do they recommend that directors prefer the interests of their customers. And yet, while it is true the recommendations are not radical, there is much in the report that will mean some real changes for financial services companies, their boards and their executives, as well as for their regulators and advisers. Here is Allens' comprehensive analysis of how these recommendations will affect key areas – ranging from governance and directors' duties, through to renumeration and culture - as well as a round-by-round review of the Commissioner's findings.