The Government will adopt his recommendation to ban new mortgage trailing commissions from July 2020, but has baulked at also scrapping up-front commissions for fear of eroding competition in the mortgage market.
Even before the release of its final report, the inquiry has already pushed top executives out of their jobs and prompted billions of dollars of customer remediation payments.
So did banks get off the hook?
The report made very strong criticisms of both regulators for failing to prevent malpractice in the industry.
But he steered clear of recommending financial firms be forced to split off financial advice and wealth management units to avoid the conflicts of interest that were at the heart of much of the wrongdoing. Pay and bonuses have been overhauled to focus more on customer satisfaction than sales targets.
One key part of Hayne's findings that particularly applies to NAB is that some financial institutions are unwilling to decide for themselves what honest, fair and efficient service delivery looks like, "without first having the regulator agree with what the entity judges to be required in order to meet that standard".
However, wealth managers, whose reputations were shredded in the inquiry, were punished with IOOF Holdings Ltd stock closing down 4.5 percent and AMP sliding to a record low.
The ASX 200 Financials index closed 4.5% higher, its best day since March 2009.
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Possibly. Executives from three unidentified companies could face criminal charges over the "fees-for-no-service" scandal.
While the changes are likely to make the financial sector more liable to be punished for violations, banks in the world's fourteenth-biggest economy have been spared any enforced breakup or interference in the way they choose to lend money.
Recommendation 1.6 adds, "Misconduct by mortgage brokers ACL holders should: • be bound by information-sharing and reporting obligations in respect of mortgage brokers similar to those referred to in recommendations 2.7 and 2.8 for financial advisers; and • take the same steps in response to detecting misconduct of a mortgage broker as those referred to in Recommendation 2.9 for financial advisers". And he specifically noted that engaging in dishonest conduct in relation to a financial product carries a maximum penalty of 10 years in prison under the Corporations Act.
Commonwealth Bank of Australia, the nation's largest lender whose many scandals helped give impetus to the inquiry, jumped 4.7 percent, it's biggest one-day gain in nearly nine years.
APRA and the Australian Securities and Investments Commission have been criticised for not disciplining businesses.
Now the government has not adopted the report's proposal to ban commissions for upfront commissions for brokers, however, Labor has indicated it supports the Hayne reforms.
Prime Minister Scott Morrison on Tuesday stopped short of calling for Mr Thorburn and Mr Henry to resign but said they should consider their futures at the bank after Mr Hayne called out their hubris and failure to show they knew what the right thing to do was. Thorburn has stood fast, saying that Hayne's comments don't reflect who he is or how he's leading the bank.
The report from Hayne, a former High Court justice, found that the industry's problems were exacerbated by an unwillingness to accept responsibility. "Major Banks breathe a sigh of relief", suggests Citi.