The Hayne Report

CAANZ has uploaded a useful summary of the findings of the Banking Royal Commission and in particular the impact the findings have on the accounting profession, so many of whom act as financial advisers and tax advisers.

As CAANZ put it, "Commissioner Hayne's responses to the issues are informed by the underlying principles he identified in the Interim Report, which reflect six norms of conduct:

• obey the law,
• do not mislead or deceive,
• act fairly,
• provide services that are fit for purpose,
• deliver services with reasonable care and skill, and
• when acting for another, act in the best interests of that other."

As many of the matters we have been involved in have involved interests in schemes that have been aggressively sold by financial advisers to members of their local community who trusted them, we welcome this renewed focus on ethics and transparent charging for advice.