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Australia's Banks Put Profit Over People: Inquiry Report

2018-09-28 11:04
Australia's big banks and wealth managers pursued profit ahead of their customers' interests and viewed regulatory compliance as a cost rather than a guide to proper conduct, a scathing interim report from a commission of inquiry. Australia's financial sector has been rocked by months of revelations of wrongdoing stemming from the Royal Commission, driving down share prices and trashing the reputations of some of the country's biggest companies. Commissioner Kenneth Hayne's interim report was brutal in its assessment of the sector's ethical standards and governance, but many investors were bracing for worse and their relief showed in a 1.6 percent rise on Australia's financial index in afternoon trade, lifted by the major banks.