Framework 83 Six Normative Principles of Conduct
Introduction
The findings of The Australian Royal Commission on Misconduct in the Banking, Superannuation and Financial Services Industry (2019) (Haynes Commission) explored the misconduct in the Australian banking, superannuation and financial services industries. It provided recommendations extensive change. The findings highlighted the impact of greed, ie pursuit of short-term profitability and a remuneration system that supported this approach plus weak regulatory control by authorities.
Principles of conduct for change
The Haynes Commission recommended 6 normative principles of conduct based on basic standards of fairness and honesty, ie
i) Obey the law
ii) Do not mislead or deceive
iii) Act fairly
iv) Provide services that are fit for purpose
v) Deliver services with reasonable care and skill
vi) When acting for another, act in the best interests of that other
Linked with this are 4 questions
i) how can the law be simplified?
ii) how should conflicts of interest be approached?
ii) how can the effectiveness of regulators BN hands?
iv) what more can be done to achieve effective leadership, good governance and appropriate culture so that entities comply with the 6 norms of conduct?
NB Need to include resilience, sustainability, fairness, trustworthiness, consent, etc