Hayne’s 76-point vintage uncorks a beginning, not an end
Trust is a fickle commodity, hard won and easily lost, writes Madden & Associates’ Bruce Madden in the wake of the bank royal commission’s final report.
After a year of testimony drawn from 130 witnesses, made over seven public hearings, based on 10,000 submissions, the Hayne Royal Commission into Misconduct in Banking and Financial Services ended on a resoundingly modest point score just shy of 80.
That is the total number of key recommendations – 76 – that will help shape the future for the banking and finance sector, which perversely remains the largest economic contributor to our fair nation yet is one of the worst detractors of trust and confidence amongst its citizens.
This ‘see-saw’ effect of the banking and finance sector shifting relentlessly between economic good citizen and a cheap pick-pocket of its own customers goes to the heart of the reputation challenge facing all protagonists in the sector and their communications teams, whether doing the right thing or not.
