Victims of misconduct say the royal commission has only just begun the work of exposing problems in the financial system
After 68 hours of hearings, 134 witnesses, 400 witness statements and 6,500 documents, the banking royal commission has come to an end. The big end of town will breathe a sigh of relief that the slow torture at the hands of senior counsels Rowena Orr and Michael Hodge, which has comprehensively trashed the industry’s reputation and business model, is finally over. They can get back to their towers and hope that the damage from Kenneth Hayne’s final report in February is not too bad.
But the clamour for a royal commission 2.0 is already starting to build among victims of misconduct in the financial services industry. They are unanimous in saying that the inquiry – although thorough and on occasions a brutal expose of the industry’s shortcomings – heard from only 27 customers and did not go nearly far enough.
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