The release of the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is bringing considerable disruption to the nation’s finance sector, has created a clear platform for our political leaders in the run-to a Federal election, and has driven a wave of editorial and social media commentary – very much with the consumer in mind.
Notable themes to emerge in the immediate aftermath of the report’s release include:
- both sides of government being quick to conditionally accept all 76 recommendations put forward by Commissioner Kenneth Hayne, with a major point of contention being how to approach proposed change relating to the mortgage broker industry;
- the finance industry is not unified, with some asking for more time to review the report’s “radical” recommendations, and others describing the Commissioner’s bark “to be worse than his bite”;
- regulators claiming they are fit and ready for stronger oversight of the industry;
- agreement across all parties that the report is a catalyst for the banking, superannuation, financial services, and insurance industries to start rebuilding trust and reputation; and
- an overwhelming sentiment that customers need to come out on top – always.
As the various stakeholders to the process take the time to absorb the detail of the report, we can expect the wave of industry and media opinion and analysis to continue, driven by the prospect of civil and criminal action, policy, regulatory and operational responses, and perhaps even some high-profile ‘scalps’.
Six O’Clock has been following the Royal Commission closely since its beginning in early 2018 and will continue to assess the implications and outcomes of Justice Hayne’s recommendations as they are considered and enacted. Meanwhile, Six O’Clock’s Jess Hales and Ellen Donald took two minutes to discuss the reaction overnight.