At long last, the final Royal Commission report has been released.
In the preamble, Commissioner Kenneth Hayne mused on how instances of misconduct revealed during the hearings were driven "not only by the relevant entity’s pursuit of profit but also by individuals’ pursuit of gain, whether in the form of remuneration for the individual or profit for the individual’s business."
This, he said, led a situation where "providing a service to customers was relegated to second place. Sales became all important."
"Those who dealt with customers became sellers," he added. "And the confusion of roles extended well beyond front line service staff. Advisers became sellers and sellers became advisers."
The findings and recommendations made in the report are extensive, so for this initial piece let’s focus on the implications for financial advice, bearing in mind one of Hayne’s stated beliefs: that it is “time to ignore the ghostly apparition of constitutional challenge conjured forth
19 February, 2019
Here’s how the regulator will pursue harsher penalties for misconduct.
05 February, 2019
Remember: the devil's in the detail.
19 December, 2018
While the industry has gotten clarification on certain issues affecting advisers, there's still more that needs to be answered.