With the handing down of the Interim Report from the Banking Royal Commission, Commissioner Hayne was scathing in his assessment of the banking finance sector, especially the big 4 banks and large insurance and investment firms, such as AMP, for enabling their cultures of greed to flourish at the expense of customers’ wellbeing, principled and ethical business practice.
Commissioner Hayne said the key questions the commission had to answer were why such poor conduct had occurred and how to stop it happening again.
He added that, in many cases, the answer to the first question was obvious.
“Too often, the answer seems to be greed — the pursuit of short-term profit at the expense of basic standards of honesty,” he wrote.
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