There’s an old myth about the man who can’t get to sleep because the person in the flat upstairs has taken only one shoe off – he’s waiting for the other shoe to drop.

That’s where we are now with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

We are still recovering from two weeks of searing investigations into the worst parts of the financial advisory industry, streamed live and uncensored onto our screens from April 16 to 27.

And now we are going to have to wait for commissioner Kenneth Hayne’s report, which will be months away at the very earliest. His preliminary report is still nominally due in September and the final one by February 1 next year, although Treasurer Scott Morrison will probably give him an extension, particularly in light of the gravity of the revelations so far.

It’s the second report that will contain his all-important recommendations. If history is any guide, the government would be well advised to adopt as many of them as possible, as soon as possible.

Even veteran advisers winced as the details came tumbling out from the witness box, featuring everything from charging orphan clients for non-existent advice (thanks AMP) to charging estates of the deceased for same (thanks, Commonwealth Bank). Westpac came in for a thorough towelling over the adviser who told the Scottish nurse she could borrow $2 million to buy a bed and breakfast, an amount subsequently dialled down to $200,000 once it emerged – as most of us would have known – that it couldn’t go into her SMSF.

By then, she and her husband had already sold their house and they’re now renting, with little expectation of ever getting back into a house of their own as retirement looms.

But if all that looked bad for advisers involved in the vertically integrated advice model, and it certainly did, there wasn’t much relief for followers of the independent model either.

Tintin’s troubles

Self-created media guru and adviser principal Sam Henderson, who until recently bore a startling resemblance to Tintin and now looks more like the Ghost of Christmas Past, was hung out to dry when it emerged that he didn’t have a master’s degree in commerce at all, as he had claimed in his financial services guide, and it got worse from there.

Most particularly, he tried his standard schtick of pushing potential client Donna McKenna into an SMSF when she expressly said she didn’t want to go there.

Henderson admitted he had given totally wrong advice to McKenna, a fair work commissioner, in 2016, having in his haste confused her deferred benefit super scheme with a defined benefit scheme.

Of all the people he might have been tempted to snow, McKenna was the last he should have chosen. She asked questions and took notes.

In 2017, McKenna complained about Henderson and his conduct to the Financial Planning Association of Australia but it has taken a year and the issue is still not resolved. In response to the complaint Henderson told the FPA that McKenna was “aggressive” and “nitpicking”.