Hayne lays down commandments for sector

Commissioner Hayne's six commandments:

* The law must be applied and its application enforced;

* industry codes should be approved under statute and breach of key promises made to customers in the codes should be a breach of the statute;

* no financial product should be 'hawked' to retail clients, including superannuation and insurance;

* intermediaries should act only on behalf of, and in the interests of, the party who pays the intermediary;

* exceptions to the ban on conflicted remuneration should be eliminated;

* culture and governance practices (including pay arrangements) must focus on non-financial risk, as well as financial risk.