After a year of shame and grovelling apologies, the day of reckoning arrived for the country’s

financial services institutions.

For those looking for massive structural change, an overhaul of the regulators or a list of heads on

sticks, commissioner Kenneth Hayne's verdict would have disappointed. There was little blood and gore.

The report and its 76 recommendations were far more subtle than that. The report addresses the

key issues of conflicted remuneration, greed and invisible regulators but most of those issues will be left to the regulators and government to work out whether anything changes.

In other words, there won’t be any massive changes. The big recommendation is more legal

action instead of negotiated settlements. It sounds good in theory but the courts have their own

problems. Storm Financial is still playing out in the courts almost a decade later, with two of the

directors filing an appeal against ASIC.