It has been two years since the release of the report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia (Hayne Royal Commission). The Hayne Royal Commission report set out 76 recommendations, including expectations of much needed change in regulation, conduct, and other aspects.
Our colleagues at MinterEllison Australia have briefly outlined the status of the recommendations in an article.
Who needs to read MinterEllison’s status update? Why?
The Hayne Royal Commission triggered in New Zealand a series of inquiries and reports by the Reserve Bank of New Zealand and the Financial Markets Authority. Developments in Australia flowing out of the Hayne Royal Commission continue to attract attention in New Zealand from government, regulators and the media, as well as New Zealand financial institutions.
The MinterEllison article should be read by those operating in or regulating the New Zealand financial services sector, in particular anyone who has responsibility for conduct and culture-related matters. This report was and continues have influence as an impetus for change in New Zealand’s financial services industry.
What does it cover?
The MinterEllison article looks at actions taken by the Australian government and industry so far, as well as the timing and commencement of proposed actions to be taken in response to each of the 76 recommendations in the Hayne Royal Commission report.
The ME Status Update provides a succinct, easy to read, way of understanding Australian developments. New Zealand businesses should actively look out for guidance or releases from the New Zealand government and regulators who actively monitor their trans-Tcrasman counterparts.
See below for our previous newsletters on the Hayne Royal Commission:
- Australian Government roadmap for implementing a response to the Financial Services Royal Commission
- What impact will APRA’s shift in enforcement approach have in New Zealand?
- Analysis of the Australian Financial Services Royal Commission Final Report
- Lessons for New Zealand’s financial services sector from the Haynes Report
- Report into Misconduct in the Banking, superannuation and Financial Services Industry
- Australian Financial Services Royal Commission final report released
- FMA/RBNZ Report on Conduct and Culture in the Banking sector
- Australian Financial Services Royal Commission Interim Report release
Please contact one of our experts if you have any queries regarding the continued impact in New Zealand of the Hayne Royal Commission.
We would also be happy to introduce you to our colleagues at MinterEllison to discuss the Australian perspective.
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