The Trader 

Market Outlook: 1000-page report on Australian banking

The Trader

After listening to evidence on 10,000 complaints for a year, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia, the results are damning. The Financial Times today says the report excoriates the behaviour of financial institutions, their boards and executives for putting profits above customers. State Treasurer Josh Frydenberg said, ‘’the price paid by our community has been immense and goes beyond just the financial. Businesses have been broken, and the emotional stress and personal pain have broken lives’’. All 76 recommendations will be acted on by the government.

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