Although it has been criticized, 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 entitys pursuit of profit but also by individuals pursuit of gain, whether in the form of remuneration for the individual or profit for the individuals business. Providing a service to customers was relegated to second place. Sales became all important...

(Hayne Royal Commission 2019)

Question: Discuss the above observation and whether existing laws (both legislation and rules of common law) in your opinion are effective in preventing the problem above.