Shares in Australian mortgage broking companies are getting destroyed

Westpac CEO Brian Hartzer, National Australia Bank CEO Andrew Thorburn, CBA CEO Matt Comyn and ANZ CEO Shayne Elliott

In the wake of the royal commission, the government has asked Mr Samuel to review the effectiveness of the Australian Prudential Regulation Authority which oversees banking and other financial services.

Westpac shares were up 4.7 per cent and Commonwealth Bank (which owns ASB in New Zealand) was up 4.9 per cent.

Former chief monitor of business competition Graeme Samuel suggested a simple, one-line code of conduct financial services businesses could sign to jog their memory of the findings of the inquiry headed by Kenneth Hayne. But the recommendations stopped short of measures that would threaten the A$400 billion (222 billion pounds) industry's dominant position.

The conservative government, which was initially opposed to the setting up of the inquiry, promised it would act on all the 76 recommendations.

If regulators find enough evidence, they will pass it on to prosecutors who decide whether to go to trial. "It would be both costly and disruptive".

"I respect the commissioner's view ... but I don't share it", Mr Thorburn said. "They won't, but the rich will - if there's any brokers left".

One of the key recommendations to impact the finance and property industry was around mortgage broker commissions. Pay and bonuses have been overhauled to focus more on customer satisfaction than sales targets.

"The price paid by our community has been enormous and goes beyond just the financial".

The report also said that mortgage brokers should be under the same rules as financial advisers: "After a sufficient period of transition, mortgage brokers should be subject to and regulated by the law that applies to entities providing financial product advice to retail clients".

Pocahontas Claimed 'American Indian' Status on 1986 Texas Bar Card
That angered tribal leaders who said being a Native American is not determined by DNA alone but by membership in a tribe. Her opponents have wasted no time using the situation to their advantage. "I am not a tribal citizen".

The NAB chief executive has been on a PR offensive since Hayne's report was made public on Monday afternoon, after the commissioner questioned the ability of the bank's leadership to initiate top-down change. A few heads have rolled - most prominently the CEO and chairman of 170-year-old wealth manager AMP Ltd. The broader market closed 0.5 percent higher.

But Mr Thorburn said both he and Dr Henry were doing the right thing.

"At this stage, it does not appear to be the case".

Mr White said the commission recommendation would "hand even more power to the big banks" and showed "just how out of touch he [Commissioner Hayne] is when it comes to brokers".

The Labor party has already said it plans to adopt Hayne's recommendations in full. Henry also rejected Hayne's characterization of him as unwilling to accept criticism.

"The Ken Henry that I know and the Ken Henry I work with every day has integrity, has values, puts customers first, lives in a small town in Australia, has always thought long term and done what's right for Australia", Mr Thorburn told Sky News Business.

"I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues", Commissioner Hayne said in his report.

HE WAS criticised for acting arrogant and snide during the banking royal commission, and now National Australian Bank chairman Ken Henry is fighting to keep his job.

The big banks, insurers, pension funds and regulators who oversee the financial industry are bracing for a brutal summary of their misdeeds and weaknesses, and a list of tough recommendations including possible criminal charges.

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