Task 2: Research

The Royal Commission has looked into the misconduct in the banking, superannuation and financial services industry (the 'Hayne Royal Commission'). The Hayne Royal Commission has made numerous recommendations. You will need to selectoneof the options below and answer the accompanying question:

Option 1

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...

(Unknown 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.