PHOTO: Royal commission recommendations

Government to act on all 76 banking royal commission recommendations The final report of the banking royal commission has recommended a complete overhaul of the sales culture and conflicts of interest rife in the financial services sector. It makes 76 recommendations, which, if implemented, will lead to massive disruption of the business models of several industries, including mortgage brokering and financial planning.

Commissioner Kenneth Hayne referred potential criminal breaches by several banks, superannuation trustees and insurers to the corporate regulator ASIC but did not name names of those who may end up being charged. Treasurer Josh Frydenberg said the Government was “taking action” on all of the recommendations.