Forget purgatory, Australia’s financial sector is currently rooted in the fourth circle of hell — the spot reserved for those being punished for greed and indifference to the plight of others.
Australia’s big banks, superannuation funds, wealth managers and insurers are now facing massive and enforced changes to their culture, management and conduct, largely thanks to their own testimony.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has forensically picked apart the appalling behaviour that has become entrenched; examining sales-driven commissions and remuneration, poor risk management, tardy customer remediation, as well as the role of regulators and the law in the disintegrating trust the community has for the sector.
It has been a humiliating time for the banks. Here’s how it unfolded.