RC interim report is fair: Spot poll

Findings in Commissioner Kenneth Hayne's interim report are fair and reasonable, according to Financial Standard's latest spot poll.

The interim report, which summarised his views of the first four rounds of hearings, included financial advice, consumer lending, and financial issues affecting those living in remote and regional communities.

Most (46%) of Financial Standard's readers agreed Commissioner Hayne was fair and realistic in underpinning the first four rounds into one driving factor: greed.

What the inquiry unearthed, Hayne wrote, was misconduct that went unpunished or the consequences that did not match actions.

Hayne considered passing new law to deter financial services companies from erring again. But this would add an extra layer of complexity to an already complex regulatory regime, he mulled.

"Passing some new law to say, again, 'Do not do that', would add an extra layer of legal complexity to an already complex regulatory regime. What would that gain?"

One-in-four survey participants described the interim report as "scathing," while one-in-five thought it was "unfair and unreasonable." A minority said it was "weak."

The Association of Financial Advisers, in responding to the interim report, said the report does not suggest a good understanding of financial advice and fails to acknowledge previous submissions made by the body.

It said it appears to have ignored submissions on the issues raised throughout the Commission and focuses largely on adviser remuneration - an issue the association said does not require review.

The Australian Banking Association chief executive Anna Bligh said the findings into the misconduct in financial services marked a "day of shame" for Australia's banks.

This week we ask: should banks be allowed to promote financial products at schools under the name of financial literacy?

Read more: Financial StandardKenneth HayneAFAAnna BlighAustralian Banking AssociationRoyal Commission
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