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ARTICLE · 08 FEBRUARY 2019

Banking Royal Commission final report – in a nutshell

Gilchrist Connell
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The article provides an overview of comments and recommendations in the final report of the Banking Royal Commission.

AustraliaFinance and Banking
Katherine Czoch
Katherine Czoch
Justine Siavelis
Justine Siavelis
Nitesh Patel
Nitesh Patel
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Introduction

The Banking Royal Commission final report was released to the public on 4 February 2019. In the report, Commissioner Hayne has made 76 recommendations, some of which may have significant impacts across the banking, superannuation and financial services industry, and those who regulate it.  While no individuals have been referred for criminal prosecution, the Commissioner has identified 22 entities as having engaged in possible misconduct. The report also recommends expanding enforcement powers for regulators and increasing penalties for law breakers.  Given the endorsements received from both sides of Government to the majority of the recommendations, there is little doubt we will see swift legislative and regulatory action.

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