Australia's finance industry faces massive shake-up as report pushes for end to fees

Pedro Gonçalves
clock • 4 min read

Australia's corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector after a report claimed financial supervision in the country was too "narrow" and "must extend beyond financial risks to non-financial risks." The government-appointed inquiry known as a Royal Commission also advised in its landmark report that remuneration structures across the industry be overhauled to remove systemic conflicts of interest. The recommendations ask for a number of changes in different sectors, particularly in financial advice, it focuses in on ongoing fees, d...

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