Concise report clearly powerful

The fallout from the royal commission into financial services misconduct continues apace. There are lessons in the stories that have emerged and commissioner Kenneth Hayne’s interim report. Mr Hayne had been circumspect with his words during proceedings, but opened up in the report.

On the basics of good banking he wrote: “Obey the law. Do not mislead. Be fair. Provide services that are fit for purpose. When acting for another, act in the best interests of that other.”

Most Australian businesses don’t deceive. But all organisations need to build trust and reputation with their customers. 

Consumers want concise communication. Jargon results in cynicism and scepticism.

Mr Hayne cited greed as the main driver behind banking misconduct: “… the pursuit of short-term profit at the expense of basic standards of honesty. How else is charging continuing advice fees to the dead to be explained?”

Clear enough.