How can Commissioner Hayne claim to know what community standards and expectations are? Michael Pelly from The Australian Financial Review today discusses this as a challenge for the Royal Commission if moving beyond legal considerations in its findings. However, the hearings have made it clear that black letter of the law compliance is clearly no longer enough for the financial services industry if they wish to rise to fill the trust gap they have created with the community. At CertFair, we will continue to explore this important context of the findings as the Royal Commission report discussion unfolds.
Read more about it here.