Two years on from the Hayne Royal Commission

  • Legal update

    05 February 2021

Two years on from the Hayne Royal Commission Desktop Image Two years on from the Hayne Royal Commission Mobile Image

It has been two years since the release of the report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia (Hayne Royal Commission). The Hayne Royal Commission report set out 76 recommendations, including expectations of much needed change in regulation, conduct, and other aspects.

Our colleagues at MinterEllison Australia have briefly outlined the status of the recommendations in an article.

Who needs to read MinterEllison’s status update? Why?

The Hayne Royal Commission triggered in New Zealand a series of inquiries and reports by the Reserve Bank of New Zealand and the Financial Markets Authority. Developments in Australia flowing out of the Hayne Royal Commission continue to attract attention in New Zealand from government, regulators and the media, as well as New Zealand financial institutions.

The MinterEllison article should be read by those operating in or regulating the New Zealand financial services sector, in particular anyone who has responsibility for conduct and culture-related matters. This report was and continues have influence as an impetus for change in New Zealand’s financial services industry.

What does it cover?

The MinterEllison article looks at actions taken by the Australian government and industry so far, as well as the timing and commencement of proposed actions to be taken in response to each of the 76 recommendations in the Hayne Royal Commission report.

Our view

The ME Status Update provides a succinct, easy to read, way of understanding Australian developments. New Zealand businesses should actively look out for guidance or releases from the New Zealand government and regulators who actively monitor their trans-Tcrasman counterparts.

See below for our previous newsletters on the Hayne Royal Commission:

What next?

Please contact one of our experts if you have any queries regarding the continued impact in New Zealand of the Hayne Royal Commission.

We would also be happy to introduce you to our colleagues at MinterEllison to discuss the Australian perspective.