Banking royal commission: Hayne hearings draw to a close, final report due by February 1

The Hayne show may have come to an end but the phrase “can I show you a document?” has been carved into banking’s psyche.

The Hayne royal commission show has come to an end but the phrases “can I show you a document?’” and “Hayne Pain” are now etched into the banking industry’s lexicon.

The curtain closes after 69 days of public hearings, evidence from 134 witnesses and explosive revelations about misconduct within the nation’s financial institutions.

The hard work for Commissioner Kenneth Hayne begins now.

That didn’t stop him from the usual cut through and wit today, though.

“Inevitably there are some phrases that have entered the vocabulary,” he quipped.

His encore — that is final report and recommendations — is required by February 1.

While the Hayne interim report posed many questions, the focus now shifts to outlining clear solutions for pay and incentive structures and regulatory settings.

Aggrieved customers — many from vulnerable parts of society — and still awaiting repayment or compensation will want some level of assurance that these scandals won’t reoccur.

Counsel assisting the banking royal commission, Rowena Orr QC expressed it well in her closing statement.

“Many of them travelled long distances and gave evidence about their private financial affairs in a very public forum. I know that they did not always find that easy, but their willingness to give evidence about their experiences has greatly assisted the work of the commission, and I am grateful to them,” she said.

A softer side of the woman that put fear into the eyes of the nation’s most senior bankers was made clear in her closing statement. But the nickname Rowena “Shock and Orr” may stick.

The reams of documents tendered give the most telling insight into the scale of Hayne’s task. Almost 400 witness statements were submitted to the commission alongside more than 6500 exhibits.

“I should say publicly that I recognise the intensity of work that has been required of those acting for the entities whose conduct has been the subject of examination,” Hayne said in his closing comments.

Terry McMaster leaves the royal commission in an ambulance after collapsing while being questioned in April. Picture: AAP

“More often than not, those acting for the entities and agencies concerned have sought to co-operate with the commission and with solicitors assisting in seeking to deal with the requirements that the commission has made.”

His commission unearthed the opaque dealings and often flawed decision-making processes within boards and management at our financial institutions. That rare insight and public shaming should now lead to action and change. Or in other words, Hayne’s encore.