Although it has been criticised, the Hayne Royal Commission has been described as a 

"Watershed" moment for the Australian financial system. In its Final Report it made four observations, the first of which is below: 

 

'First, in almost every case, the conduct in issue was driven not only by the relevant entity's pursuit of profit but also by individuals' pursuit of gain, whether in the form of remuneration for the individual or profit for the individual's business. Providing a service to customers was relegated to second place. Sales became all important. 

 

Question: 

It has been two years since the Hayne Royal Commission has handed down its findings. In your opinion has the Hayne Royal Commission been effective with improving regulatory compliance? Or has there been an increase in banks breaching their regulatory obligations? Has their "profits-first" culture, as described above remained intact or shifted towards ensuring regulatory compliance?