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ARTICLE · 22 FEBRUARY 2024

5 Years On From The Royal Commission

Herbert Smith Freehills Kramer LLP
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It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC).

United KingdomFinance and Banking
Michael Vrisakis
Michael Vrisakis
Fiona Smedley
Fiona Smedley
Maged Girgis
Maged Girgis
Tamanna Islam
Tamanna Islam
Shan-Verne Liew
Shan-Verne Liew

It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC). It was a watershed moment for the financial services sector, with the rippling effects still being felt 5 years on. It is safe to say that the pre-FSRC financial services environment has been replaced by a new post-FSRC order.

The FSRC triggered an avalanche of market-shaping reforms on how financial services were to be regulated in Australia, with some of those reforms (such as the Financial Accountability Regime (FAR)) still yet to commence. It also triggered an unprecedented volume of enforcement activity from the regulators, particularly ASIC.

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