Published: September 28, 2018
Josh Frydenberg says misconduct has gone unpunished as he releases inquiry’s interim report
The banking royal commissioner, Kenneth Hayne, has blasted Australia’s financial services industry for putting greed and the pursuit of short term profits ahead of honesty, and rebuked regulators for allowing bad conduct to go unpunished.
In an interim report handed down on Friday spanning three volumes and 1,000 pages, Hayne unloaded on the banking sector after months of public hearings, saying the explanation for a litany of appalling conduct was “greed” and “the pursuit of short-term profit at the expense of basic standards of honesty”.
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