Australian Financial Services Royal Commission final report released

The Australian Royal Commission into misconduct in the Banking, Superannuation and Financial Services industry (the Hayne Commission) publicly released its final report yesterday afternoon.

The final Report contained the Hayne Commission’s recommendations in relation to the Australian financial services industry following its September Interim Report and seven rounds of public hearings during March – November 2018.

The final Report is available here, and the Australian Government’s response to it, taking action on all 76 recommendations, is available here.

New Zealand financial product and service providers will have a particular interest in the Report, particularly in light of the expectations of the Financial Markets Authority and Reserve Bank of New Zealand (as highlighted in their Life Insurer Conduct and Culture Report last week) that all insurers examine the key themes and issues arising from the Australian Royal Commission and determine whether there are similar issues present or possible in New Zealand.

We will be providing detailed commentary on the final Report in the near future, including analysis from our Australian MinterEllison colleagues.

Our summary of the Hayne Commission’s previous Interim Report is available here.

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