Financial Services Industry Royal Commission - Final Report

Our Briefing Paper highlights some of the key themes, explores these themes in relation to the areas assessed in the Hayne Report, and considers what they will mean for your business:

• A governance overhaul - Boards will need to step up their scrutiny of management, as well as modify existing executive remuneration structures.
• Focus on conflicts - often processes for managing potential conflicts have fallen short of their objective.
• Individual accountability - more than ever, individuals will be held to account for the adequacy of increasingly complex systems, policies and procedures.
• Principles not prescription - prescriptive laws which are vast and complex may be less effective than statements of broad matters of principle.
• An enforcement revolution – greater personal accountability, coupled with stronger regulators with an incentive to investigate and hold wrongdoers to account, make for an enforcement revolution.