Australia’s leading bankers could face jail terms and millions of dollars in fines for systematically ripping off customers, with a scathing assessment of their bad behaviour detailed by Royal Commissioner Kenneth Hayne in a three-volume report handed down yesterday.
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News Corp reports, Mr Hayne uncovered years of systemic abuse of everyday customers by finance institutions which will lead to a once-in-a-generation overhaul of the industry.
Sweeping changes to home loans, insurance, financial advice and superannuation will seek to tip the ledger back in favour of the customer after the report found decades of despicable behaviour from financial institutions which fleeced Australians of hundreds of millions of dollars.
Commissioner Hayne has ordered that greedy finance titans no longer be able to profit by charging fees for no service and seeks to bring an end to opportunistic hawking of insurance and superannuation as well as a severing of the cosy relationship between banks and mortgage brokers.
He has also demanded fat cat banker salaries no longer be linked to shareholder returns, warning that much of the misconduct and bad behaviour revealed in the Royal Commission had been “driven by the pursuit of profit”.
And in a brutal broadside to the regulators who have failed the industry, Mr Hayne has called for another oversight body to police the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
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