Banks face the prospect of criminal charges while the superannuation and home loan sectors are likely to be radically overhauled, write Sarah Danckert, Clancy Yeates and Eryk Bagshaw, wrapping up our coverage of the Hayne royal commission's recommendations.

A slew of banks and insurance companies have also been referred to financial regulators overseeing the sector for civil and criminal breaches relating to their superannuation and insurance businesses.

However, the report stopped short of making any radical changes to responsible lending requirements, which should alleviate concerns about a credit crunch that could worsen the housing market or impact the economy.

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