Financial Services Royal Commission Final Report: KPMG overview
Financial Services Royal Commission Final Report
KPMG’s overview of the Royal Commission Final Report into Misconduct in the Banking, Superannuation and Financial Services Industry.
KPMG's Financial Services Royal Commission Overview provides a high level summary of the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, released on Monday 4 February 2019. The Final Report needs to also be read in conjunction with the observations and findings of the Interim Report.
It has been well documented that the Commission received over 10,000 public submissions and held 68 days of hearings. The Final Report seeks to take what has been learned in respect of each part of the financial services industry that has been examined and identify issues, causes, and responses/recommendations. The Commission refers 24 instances of misconduct to the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Association (APRA) for prosecution.
In its Final Report, the Commission continues to identify dishonesty and greed as the two main drivers behind the misconduct to date, declaring that the pursuit of short-term profit has been too often prioritised at the expense of basic standards of honesty.
The Commission’s work has four clear observations:
- the connection between conduct and reward
- the asymmetry of power and information between financial services entities and their customers
- the effect of conflicts between duty and interest
- holding entities to account.
The Commission sets out its final recommendations and findings about the Australian banking and financial services sector under seven broad categories in the Final Report, each of which is summarised in more detail in our report.
KPMG will soon release additional articles to this summary, providing more detailed analysis of what we see as the key implications for the financial services sector. These insights into the Royal Commission's Final Report will be made available on this website.
KPMG Australia acknowledges the Traditional Custodians of the land on which we operate, live and gather as employees, and recognise their continuing connection to land, water and community. We pay respect to Elders past, present and emerging.
©2023 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.
For more detail about the structure of the KPMG global organisation please visit https://kpmg.com/governance.
Connect with us
- Find office locations kpmg.findOfficeLocations
- Social media @ KPMG kpmg.socialMedia
Save, Curate and Share
Save what resonates, curate a library of information, and share content with your network of contacts.