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Bloomberg
Australian investors just got the final piece of a 13-month inquiry into rampant misconduct at nation’s biggest banks and financial firms that could set the tone for country’s stocks this week.
The report on financial companies was released after the stock market closed on Monday and recommended against a structural separation. The S&P/ASX 200 Finance Index, whose companies account for a little more than $364 billion in value, hangs in the balance as investors assess the report just released which referred 24 misconduct cases to regulators.
In 76 recommendations, Commissioner Kenneth Hayne recommends tougher regulation, more scrutiny of pay and culture and urges the securities regulator to consider court
action as a first option.
But in a win for the banks, he stops short of calling for them to be forcibly broken up to stop them offering financial advice and wealth management.