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Banking Royal Commission Uncovers Criminal Activity

The Australian government has offered its support for all 76 recommendations within Kenneth Hayne’s Royal Commission investigation into the national financial sector.

In over a 1,000 page report released to the public today, Commissioner Hayne has recommended criminal charges against two financial institutions, however, has not named them.

The investigation uncovers 19 further breaches of the law from companies such as Commonwealth Bank, ANZ, AMP and NAB.

Commissioner Hayne’s report slammed the financial sector’s sales culture, calling for a complete overhaul and legal action.

As part of his public address today, Australian Treasurer Josh Frydenberg admits the price paid to society has been “immense”, highlighting the “misleading and obstructing [of] regulators”, the sale of “worthless insurance policies” and more.

Treasurer Frydenberg asserts the Australian government is “taking action” on all of Commissioner Hayne’s recommendations.
More to follow.

[ABC News]

[ABC News]