Over the course of the last year, the phrase “community standards and expectations” has been increasingly associated with the misconduct of financial institutions. What may be required is a refreshed understanding of the longstanding fiduciary concepts of diligence, prudence, single-minded loyalty and ultimate accountability. Do member expectations and community standards actually mean anything in law? The phrase “community standards and expectations” became a catchcry emanating from the terms of reference of the current Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (RC). It is worth noting that this phrase is not well developed in law, especially...