One year on from Australia's Royal Commission on Banking
The report of the Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services Industry
(the Report), was published one year ago.
In that time, the Australian banking industry has felt a
backlash from regulators and consumers, with 2019 ending with a
politician lambasting the banks for representing the "face
of unconscionable greed" at an annual shareholder meeting
held in December 2019.
What was once seen as a chance to draw a line under the scandals
has led to accusations that a golden opportunity to right the
wrongs identified in the report, may have been let slip. Despite
the inclusion of damning indictments of sales practices, management
and governance throughout the 530 pages of the report, only five of
the Report's 76 recommendations have been implemented. As one
commentator put it, there have been more books published about the
Report than recommendations actually enacted.
