High Court justice and royal commissioner, Kenneth Hayne, has declared the time has come to overhaul the Australian financial services sector.

In his damning final report into the industry that touches almost every Australian, Justice Hayne unveiled 76 recommendations which will challenge key aspects of banking, superannuation, financial advice and the rural lending industries.

Declaring that "choices must now be made", Justice Hayne has also referred some of the nation's biggest company names to regulators for possible criminal or civil action for the way they treated their customers.

"The damage done by that conduct to individuals and to the overall health and reputation of the financial services industry has been large," he wrote.