In its recent annual report on Australia's four major banks, the Australian House of Representatives Standing Committee on Economics explained that it remains "deeply concerned" about culture and conduct within the sector.
"The Hayne Royal Commission, only five years ago, exposed widespread misconduct driven by poor culture and governance, such as remuneration settings that incentivised harmful sales practices and neglect for customer welfare," the Committee wrote. "Five years after the Royal Commission, much progress has been made in implementing its recommendations, including improvements in governance, culture, risk management and accountability across most of the big four. However, certain recent developments are troubling."
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