As reported by the Australian Financial Review, John Lonsdale, Chair of the Australian Prudential Regulation Authority, has said that improving risk culture and remuneration practices in Australia's financial sector remains a "work in progress."
This month marks five years since Kenneth Hayne issued the final report of the landmark Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry. The report made 76 recommendations for how regulators, legislators, and firms could get a handle on unmitigated misconduct risks. "There's been some important changes since Hayne, and with some of it you can see the effects," Lonsdale said. "But there's a pool of it, I think, that is yet to play through: and we're watching."
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