A: A watershed event, like the Hayne Commission, was something that Financial Services in Australia needed. It required the whole industry to really reassess the way in which it was working with customers and indeed managing its way of doing business. That’s something that you will have seen happening in different parts of the world at different times. I was in the UK when we had a similar event— in that case, it happened a few years after the Global Financial Crisis. But in different countries, this transformation has happened at different times.
It was important for Australia to have had that watershed moment where the whole industry can reassess how it’s operating, and the reason that was necessary is because many things needed to change. And not just in the way that companies operate but also for regulators and in some cases, we needed changes to the law.
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