Government follows up royal commission with another inquiry

Treasurer Josh Frydenberg has asked the House of Representatives standing committee on economics to inquire into progress made by financial institutions in implementing the recommendations of the Hayne royal commission. 

Ten recommendations were made by commissioner Kenneth Hayne in his final report directed towards the industry, with the inquiry expected to learn how that implementation is progressing. 

Commissioner Hayne made a total of 76 recommendations but made it clear that primary responsibility for misconduct in the financial sector lies with the institutions concerned and their boards and senior management.

The remit of the inquiry has also been expanded to include other major relevant financial institutions and leading financial services associations. 

The inquiry will complement the continuation of the broader inquiry into the four major banks which was announced in 2016. 

It will also provide further transparency to the public on the work the institutions are doing in implementing the royal commission recommendations.

The government hopes that in doing so it will contribute to restoring community trust in the sector.