The Royal Commissioner into Australia’s financial sector has used his final report to identify at least 20 breaches of the law.

Kenneth Hayne’s year-long inquiry has made 76 recommendations to improve the industry, with the government promising to “take action” on every point.

The Government has agreed to take action on all 76 recommendations of the Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry.

We are committed to ensuring our financial system works for all Australians.

More: https://t.co/kWiaOOWRbV pic.twitter.com/n6rLG5Bso5

— Josh Frydenberg (@JoshFrydenberg) February 4, 2019

Treasurer Josh Frydenberg tells Ross Greenwood the Royal Commission “will see trust restored to our financial system”.

“It may take some time but it will happen and there will be a significant cultural change in these institutions.”

24 institutions have been referred for investigation, which could lead to criminal charges.

But many are saying the findings haven’t gone far enough, and that no individuals will be held responsible.

The Treasurer says that’s not a call for him to make.

“It’s not for me to specifically comment on individual cases that have now been referred to APRA and ASIC for their further investigation.

“There is of course the possibility of criminal sanction that could be applied but they will be matters for ASIC and APRA to handle from here on and that’s not a question for a politician.”

Click PLAY below to hear the full interview