Key quotes from royal commission final report
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On bank culture:
"Failings of organisational culture, governance arrangements and remuneration systems lie at the heart of much of the misconduct examined in this commission."
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On greed:
"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. "
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On power:
"There was a marked imbalance of power and knowledge between those providing the product or service and those acquiring it."
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On brokers and intermediaries:
"An intermediary who seeks to 'stand in more than one canoe' cannot. Duty (to client) and (self) interest pull in opposite directions. "
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On crime and punishment:
"Misconduct will be deterred only if entities believe that misconduct will be detected, denounced and justly punished. Misconduct is not deterred by requiring those who are found to have done wrong to do no more than pay compensation. And wrongdoing is not denounced by issuing a media release."
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On saying sorry:
"Saying sorry and promising not to do it again has not prevented recurrence. The time has come to decide what is to be done in response to what has happened. The financial services industry is too important to the economy of the nation to allow what has happened in the past to continue or to happen again."
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On NAB (singled out for its poor response):
"My fear - that there may be a wide gap between the public face NAB seeks to show and what it does in practice - remains."
