Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is being seen as a pivotal moment for the country’s big four banks – ANZ, Commonwealth Bank of Australia (CBA), National Australia Bank, and Westpac – all of which had come through the 2008 financial crisis relatively unscathed.
Following pressure from political parties and consumer groups, the commission began proceedings in early 2018. Overseen by commissioner Kenneth Hayne, it held seven public inquiries throughout the year. While the final report is due for submission on February 1, 2019, reports of misconduct have already emerged.
