A year since Commissioner Kenneth Hayne's bombshell, what's its legacy? Now the dust has settled, bankers and their advisers can see the impact it will have on corporate governance.
By claiming several high-profile scalps, Commissioner Kenneth Hayne warned the rest of corporate Australia that community expectations had been cranked up. AFR
The wave of relief that accompanied the release of Kenneth Hayne’s final report a year ago has given way to widespread unease, as the banking sector grapples with a series of hard questions that will determine whether it can restore trust with the community.
A burning question – which had not been properly considered until the royal commission – is how to provide financial services to customers efficiently, honestly and fairly, a legal duty set out in section 912A of the Corporations Act.
James EyersSenior ReporterJames Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
James FrostFinancial services writerJames Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
