The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has revealed a broad range of structural problems within the Australian superannuation industry and raised questions as to whether super funds have been suitably concerned with members’ best interests. What’s clear, from the final report, is that Kenneth Hayne isn’t layering more regulations, but focusing on the practice of governance and getting trustees more focused on consequences. This is especially apparent in the introduction of a civil penalty for breach of the best interest covenant. The question remains how to implement the standard and how to make...