The Royal Commission into financial misconduct has made 76 recommendations to overhaul the sector and better protect consumers.

Commissioner Kenneth Hayne has referred 24 institutions for investigation, which could lead to criminal charges.

The final report also calls for extra resources for the regulators, as well as new safeguards for customers.

Whistleblower and former financial planner at Commonwealth Bank, Jeff Morris, says it’s clear, “the royal commission found exactly what I found 10 years ago”.

“The Australian financial services sector was this terrible state because, basically, it was operating in a regulatory vacuum,” he tells Ben Fordham.

“The regulators ASIC and APRA have comprehensively failed in their job.

“The boards of the major banks are basically dysfunctional, incompetent and have failed to discharge their duties in terms of governance and looking after shareholder’s interests.

“Senior managers of these banks lost the plot and were just driven by greed, mindless greed.”

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