Financial Services Royal Commission - Interim Report
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed down its Interim Report on 28 September 2018. In identifying why the conduct exposed by the Royal Commission had occurred, Royal Commissioner Hayne said that "Too often, the answer seems to be greed — the pursuit of short term profit at the expense of basic standards of honesty."
Royal Commissioner Hayne will submit a Final Report by 1 February 2019 (unless an extension is granted).
In anticipation of the recommendations of the Final Report, he observed:
“Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services that are fit for purpose; delivering services with reasonable care and skill; and, when acting for another, acting in the best interests of that other? The basic ideas are very simple. Should the law be simplified to reflect those ideas better.”