How Australia’s Royal Commission could affect NZ investors

The final report from Australia's Royal Commission, which may lead to criminal or civil prosecution for some of Australia’s biggest banks, recommends widespread changes to the banking industry.

It also proposes a sweeping overhaul of mortgage adviser pay, including banning commission from lenders and making consumers pay a fee for service.

Given New Zealand’s big four banks have Australian parent banks, there are concerns that some of the report’s recommendations could end up being implemented in New Zealand.

If this turns out to be the case, what could it mean for investors?