By failing to consider that the types of financial misconduct witnessed in Australia in recent years are relatively commonplace in other countries, the Hayne Royal Commission exaggerates the level of miscreance within the local financial sector. This paper seeks to rectify this neglect by offering an explicit comparison of misconduct in Australian and major British and American banks. It also suggests that the Commission’s work and findings inadvertently provide support for the populist view that Australian financial institutions are exceptionally unethical in their treatment of customers and clients. Given the emergence of Fintech and the potential for Big Tech firms to penetrate financial services markets, large incumbent Australian firms are already facing a serious challenge. If the net effect of the Royal Commission is to deepen mistrust of large Australian banks and insurers, their capacity to resist this challenge will be diminished with potentially far-reaching consequences.

中文翻译：

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澳大利亚金融部门的不当行为有多特殊？重新审视海恩皇家委员会

由于没有考虑到近年来在澳大利亚发生的金融不当行为在其他国家相对普遍，因此海恩皇家委员会夸大了当地金融部门的不当行为。本文试图通过对澳大利亚和主要英美银行的不当行为进行明确比较来纠正这种忽视。它还表明，委员会的工作和调查结果无意中支持了民粹主义观点，即澳大利亚金融机构在对待客户和客户方面异常不道德。鉴于金融科技的出现以及大型科技公司渗透金融服务市场的潜力，澳大利亚现有的大型公司已经面临严峻挑战。