A year ago today, the Morrison government received Commissioner Hayne’s final report into misconduct in the banking, superannuation and financial services industry. After 10,000 plus submissions and 68 days of hearings, the report provided a forensic assessment of practices and behaviour which, in many instances, were in breach of the law and fell well below community standards and expectations.

In Hayne’s diagnosis of what led to the misconduct, he found “too often, the answer seems to be greed – the pursuit of short-term profit at the expense of basic standards of honesty.” For this, “primary responsibility…lies with the entities concerned and those who managed and controlled those entities: their boards and senior management.”