Court Judge: Australia and Banking

court judge: The Royal Commission was a quasi-judicial independent body led by a former high court judge that was tasked by the government, reluctantly at first, with investigating financial sector misconduct following a string of banking scandals, according to The Independent. For 11 months its public hearings shocked the country and wiped more than A 60 billion 43.4 billion from top financial stocks as investors factored in the prospect of tougher regulation, higher compliance costs and thinner margins. FILE PHOTO - A combination of photographs shows people using automated teller machines ATMs at Australia's Big Four banks - Australia and New Zealand Banking Group Ltd bottom R Commonwealth Bank of Australia top R National Australia Bank Ltd bottom L and Westpac Banking Corp top L . REUTERS/Staff/File photo The big banks, insurers, pension funds and regulators who oversee the financial industry are bracing for a brutal summary of their misdeeds and weaknesses, and a list of tough recommendations including possible criminal charges. Regulators were also grilled by the commission's barristers about why they seemed reluctant to crack down on wrongdoing, sometimes penalizing firms with little more than a mildly worded press release. Among other things, analysts expect the inquiry will recommend tougher enforcement of responsible lending laws, an end to certain conflicted commissions paid to financial advisors, and limits to executive bonuses. There will be nothing positive in the recommendations because the banks have clearly breached various obligations in the laws, and obligations to good customer service, said Matthew Wilson, a banking analyst at Deutsche Bank. (news.financializer.com). As reported in the news.