The long-awaited Final Report of the Royal Commission into
Misconduct in the Banking, Superannuation and Financial Services
Industry was released on 4 February 2019. Commissioner
Hayne made many recommendations in relation to banking, financial
advice, insurance and superannuation sectors. However, that
does not mean fund managers and other financial services
participants are immune from the implementation of these
recommendations. This insight looks at the 5 key implications
for fund managers coming out of the report.
1. Governance, Remuneration and Culture
Commissioner Hayne stressed that much of the malaise, wrongdoing
and “pursuit of profit” within the financial services
industry were due to remuneration practices, the prevailing
cultural environment and governance arrangements, all of which are
inextricably linked.
