An official inquiry has strongly criticised the way in which Australian authorities oversee the country’s financial sector, and called for major reform.
The Royal Commission on Misconduct in the Banking, Superannuation and Financial Services Industry released its final report on February 4. The report made very strong criticisms of both regulators for failing to prevent malpractice in the industry. But it said that Australia should keep the “twin peaks” oversight model.
Kenneth Hayne, a former