1200 PAGES INTO 99 WORDS

Haven’t got time go through Commissioner Kenneth Hayne ‘s entire 76 recommendations and 1200-page final report? Here’s our super-short overview:

● Borrowers, not lenders, will pay mortgage brokers’ fees.

● You’ll only have one default super account. ● Hard selling and cold calling for super and insurance will stop.

● Advice fees can’t be deducted from many super accounts.

● Fees paid to financial advisers must be agreed annually, and in writing.

● Life insurance commissions to be reduced, eventually to zero.

● Funeral insurance and car dealer finance to be subject to consumer protection laws.

● Dishonour fees on basic bank accounts to be banned.

● Regulators and watchdogs get beefed up.

●Criminal charges loom for some financial institution bosses.

● Both sides of politics support the recommendations.