Your afternoon Briefing: Royal commission calls for criminal charges

Your 2-minute digest of today’s latest stories.

Hello readers. Banks and the people who run them carry the blame for the industry’s widespread greed-driven misconduct, a royal commission says, as commissioner Kenneth Hayne handed down his final report. In sport, the New England Patriots defeated the Los Angeles Rams 13-3 in the lowest scoring NFL championship game in history.

The federal government has made public the final report of The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Royal commission calls for criminal charges

Financial services royal commissioner Kenneth Hayne has recommended criminal charges that carry a maximum fine of $94.5m against two institutions.

The potential dishonesty charges are among findings contained in Mr Hayne’s final report, that also include referring 19 further breaches of the law by companies including Commonwealth Bank, NAB, ANZ, AMP and IOOF to authorities for further investigation.

While the royal commission makes all the right noises about wrongdoing, it misses the mark over deeper reforms, writes John Durie.

Follow our live blog for the day’s developments and the reaction to the report and its recommendations.

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TOPSHOT - Tom Brady #12 of the New England Patriots holds the Vince Lombardi Trophy after defeating the Atlanta Falcons 34-28 in overtime during Super Bowl 51 at NRG Stadium on February 5, 2017 in Houston, Texas. The Patriots defeated the Falcons 34-28 after overtime. / AFP PHOTO / Timothy A. CLARY

Patriots win Super Bowl LIII

Tom Brady has written his name into the record books, winning the Super Bowl for a sixth time as the New England Patriots defeated the Los Angeles Rams 13-3 in the lowest scoring NFL championship game in history.

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Australian 100 dollar notes in jeans pocket. money, wealthy, rich generic

Super default fund shake-up

The Banking royal commission calls for end to industry-linked default fund rules that has created multiple accounts.

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Independent Member for Indi Cathy McGowan introduces her National Integrity (Parliamentary Standards) Bill in the House of Representatives at Parliament House in Canberra, Monday, December 3, 2018. (AAP Image/Mick Tsikas) NO ARCHIVING

McGowan could back PM

Independent MP Cathy McGowan has left the door open to supporting the government’s changes to offshore processing.

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