Josh Frydenberg says ‘sector must change’ as Kenneth Hayne proposes ‘radical’ shake-up of Asic and Apra

Some of Australia’s biggest banks could face criminal prosecution over the shocking fee-for-no-service scandal as part of a sweeping response to the royal commission’s damning final report.

The much-anticipated report of commissioner Kenneth Hayne will precipitate widespread changes in the financial sector designed to beef up regulators, compensate victims, overhaul banking remuneration, end the unlawful and excessive charging of fees, encourage cultural reform and better protect vulnerable and disadvantaged customers.

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Read More Banks may face criminal charges after final royal commission report

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