The much-anticipated final report on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (royal commission) by Commissioner Hayne was released on 1 February 2019.
The commissioner found evidence of conduct that caused substantial loss to many customers but resulted in substantial profit to the entities concerned and, more disturbingly, very often the conduct broke the law or fell short of community expectations.1
The causes were attributed to not only the pursuit of corporate gain, but they were also driven by individual gain that was spurred on by remuneration or other financial incentives that rewarded misconduct.2