The Banking Royal Commission (BRC) is a twelve-month $75 million enquiry into the banks and the broader financial services industry.
The BRC is investigating the conduct of banks, insurers, financial service providers and superannuation funds (not including self-managed superannuation funds).
While the enquiry does not have the authority to address misconduct itself, the BRC will provide recommendations for the government to act on as it sees fit.
When considered in conjunction with the Australian Prudential Regulation Authority (APRA) report into the Commonwealth Bank (CBA), with its conclusion that “CBA’s continued financial success dulled the senses of the institution”, there are clearly some issues to consider.
It all ultimately comes back to culture, with this paper providing an overview of the top three areas arising from the BRC and some insights as to how to deliver more satisfactory outcomes.
Having a “social licence to operate” requires not only a focus on long-term value creation but importantly, recognition of the importance of engagement with all stakeholders and the need to meet community expectations.
Read more about the Banking Royal Commission >>