The Royal Commission has issued its Final Report comprising 76 recommendations. To date, most market commentators have been underwhelmed, observing that the Commission stopped short of explicitly making some of the most prescriptive recommendations some had expected. PWC’s research shares insights on how the report will catalyse changes to industry practice, culture and economics. Now it remains to be seen whether the industry can deliver.
By focusing on the enforcement of existing law, articulation of clear principles and expectations of conduct, and lighting a fire under the regulators, the Commission sets a high bar around intent and customer outcomes. Rather than detailing everything to be done, this Report sets the standard of accountability and consequence (including for the supervisory regime), puts in place a number of carefully-chosen backstops, makes explicit prescriptions where warranted (such as in areas involving abuse or irreconcilable conflicts), then lays down the gauntlet for financial institutions and their regulators – to whom he assigns accountability to address identified issues and ensure the industry does not return to this point again.
Can marketing help rebuild trust in Australia’s banks?
Following the Royal Commission, Australia’s banks are facing an unprecedented marketing challenge. Join the conversation and network at Sunset Marketing while exploring the strategies and tactics available to financial institutions which could appeal to a wary and cynical audience. Featuring a panel of experts, the conversation will be led by Lynda Cavalera, AMI Chair and Associate Director at RMIT University, Mike Daniels, Founder of The Behavioural Architects, and Patrick Southam, Partner at Reputation Edge.
Download PWC’s report to learn more about how The Royal Commission has reset standards for the financial industry.