Anyone who has followed the goings on at the Royal Commission into Financial Services over the past six months or so won't have been surprised at the damning indictment of nearly every aspect of the banking, financial advice, mortgage broking or insurance sectors when Mr Hayne's Interim Report was delivered to the government earlier this afternoon. In fact unless you've been on the moon over the past six months you would have had a pretty good idea of the report's conclusion - the sector has been loaded towards the industry participant - the big end of town - and against the consumer.

It seems pointless to try to cover all but the overall gist of the lengthy 3 volume interim report. The real issue going forward is to what extent the politicians will actually follow through with the Interim Report's recommendations, even before the final version is delivered early next year. Early comments from the new Treasurer, Josh Frydenberg suggests he will take firm action, but without being overly cynical, he is a politician after all.  Maybe the upcoming election will ensure stern words are followed by firm action.

Meanwhile, untold damage been done to the standing and reputation of the financial services sector in the eyes of the consumer, although to many it merely confirmed what they perhaps already suspected. What it did fully expose was the massive conflict of interest between corporate profit and personal gain on one hand, and the best - or at least a fair and reasonable - outcome for the customer on the other.

Actual recommendations will no doubt be the subject of the final report, after Mr Hayne has grilled the CEOs of the various banks and other institutions, which we presume is due to take place in Round 7 of the public hearings scheduled for the last two weeks of November, under the overall title of "policy questions arising from the first six rounds". Whilst to date it is only the CEO and chair of AMP who have felt the full fallout of their time in front of the HRC, the bottom line is that responsibility for corporate culture ultimately lies with the board.

It is obvious that board and therefore company cultures over the last couple of decades have been slanted strongly towards the pursuit of corporate profit, achieved through an increased market share in the now well understood, but flawed concept of vertical integration, coupled with a system of commissions and bonuses which have created the massive conflicts of interest.

Where the balance lies between corporate profit, looking after investors, and doing the right thing by customers is difficult to judge, and probably even more difficult to legislate for. We just hope that the final outcome of Commissioner Hayne's report - be it the interim or final version - will not result in additional layers of excessive regulation, but will result in a clear delineation which allows criminal prosecution of the guilty parties where, and when it occurs.