NAB CEO vows to stay on despite Hayne pain

AMP has blamed its advisers for its massive fees-for-no-service issues

AMP has blamed its advisers for its massive fees-for-no-service issues

In a report released by the government on Monday, the retired judge who led a public inquiry into financial-sector misconduct past year, referred 24 cases to regulators for possible prosecution.

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.

Australia's corporate regulator said in response to the report that it would prioritise serious matters referred to it by the Royal Commission for possible prosecutions.

But it said that Australia should keep the "twin peaks" oversight model.

The inquiry uncovered banking practices where customers were charged about $1 billion in fees for no service, dead customers were charged fees, and people were given poor financial advice or bullied into buying inappropriate insurance and high-interest loans.

While the changes are likely to make the financial sector more liable to be punished for violations, banks in the world's fourteenth-biggest economy have been spared any enforced breakup or interference in the way they choose to lend money.

He said a review would take place to assess the impact of removing upfront commissions, given previous reports raised concerns about the move. "Businesses have been broken, and the emotional stress and personal pain have broken lives", Australian Treasurer Josh Frydenberg said. The broader market closed 0.5 percent higher.

"At this stage, it does not appear to be the case".

That mention led to speculation over the pair's future at the bank, which is among those facing further investigation from regulators, after recommendations from the royal commission.

The report comes ahead of an election expected in May in which falling house prices could be a hot-button issue. Labor says it expects to adopt all the commission's recommendations. Prime Minister Scott Morrison had also warned that tighter lending rules could have triggered an economically damaging credit freeze.

It might read: "We now undertake to ASIC and APRA that we will implement all the recommendations of the Hayne report and that we will henceforth from today conduct our affairs in accordance with those recommendations".

Hayne in his final report released on Monday singled out NAB boss Andrew Thorburn and chairman Ken Henry for arrogance over wrongdoing.

In another interview with Melbourne's 3AW radio station, Thorburn again admitted the bank had not fixed mistakes fast enough, but said it had put in changes "to put our customers first again" before the report was handed down.

"More particularly, I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly", he said.

"There has to be some scalps in the banking industry so people can see that justice has been done and the faults of the banking industry can be rectified and lessons have been learned".

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