Banking royal commission releases interim report
Royal Commissioner Kenneth Hayne has released a three-volume interim report addressing issues that have arisen so far during the banking and financial services royal commission. The report criticises banks and regulators for pursuing profits and monetary gain over enforcement of the law and “at the expense of basic standards of honesty”. In the report, Commissioner Hayne also observes that regulators have failed to keep institutions in check, writing, “when misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done”. The Commission is now accepting submissions in response to the report.