Banking royal commission recommendations flounder, two years on
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updated
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FebFebruary 2021 at 1:44am
The Government has, on some counts, only implemented just over a third of Kenneth Hayne s recommendations so far.
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Key points:
Of its 76 recommendations, only about one-third have come into law
Some key protections have been downgraded or abandoned
Two years ago, the final report of the banking royal commission exposed a culture of rapacious greed, of profits and shareholders being put before customers and the law.
But there has been slow progress to fix the scandals exposed.
The aftermath of the 2018 probe killed the careers of the chief executives and chairs of several of Australia s top banks: AMP, NAB and Westpac. Court battles against IOOF, NAB, the Commonwealth Bank, Allianz and more have been won, lost or are ongoing.