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Most of 2018 was punctuated with revelations of misconduct by bankers and financial advisers at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Royal Commission was presided over by Kenneth Hayne, former justice of the High Court of Australia. The final report from the Royal Commission was released on 4 February 2019.

The Report spends many pages addressing the misconduct revealed in the hearings and laying out recommendations for reform. Of interest here is Commissioner Hayne’s consideration of the Australian Securities and Investment Commission’s (‘ASIC‘) approach to enforcement, and in particular, its predisposition towards negotiated outcomes rather than litigation.

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