There were multiple associated governance and control failings in the firm, as well as issues around the presence and effectiveness of challenge and so on, all of which speaks to the prevailing culture within the firm at that time. I recognise the work that the firm has done subsequently to address those failings.
These issues are relevant to all firms, and it is important that the lessons are learned by all. If we look internationally, the Hayne report, published in Australia by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry7, identified issues across banking, financial advice, pensions and insurance.