Protecting people

Royal commission: Put customers first or else, consultants warn

Financial institutions should focus on improving customer outcomes and reforming their cultures, while preparing for “more engaged” regulators in the wake of the final banking royal commission report, veteran consultants say.

Commissioner Kenneth Hayne made 76 recommendations in his report released on Monday, including a proposal to shake up mortgage broker pay, and referred 24 cases to regulators over potential civil and potentially criminal breaches of the law.

Read more at the Financial Review.

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