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Banking Royal Commission 2018

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ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd).

The Governor-General issued Letters Patent which formally appoint the Royal Commissioner and outline the Terms of Reference for this inquiry.

The Commissioner, the Honourable Kenneth Madison Hayne AC QC, is authorised to submit an interim report no later than 30 September 2018, and will provide a final report by 1 February 2019.

The Hon Kenneth Hayne AC QC was a Justice of the High Court of Australia from 1997 to 2015. Prior to this, he was appointed as a Justice of the Supreme Court of Victoria in 1992, later serving on the Victorian Court of Appeal until his appointment to the High Court.

An online form is available to assist people wishing to make submissions to the Royal Commission about misconduct in the financial services industry. The form is available on the Public submissions page.

The next round of public hearings will commence Tuesday, 13 March 2018. More information is available on the Transcripts and hearings page.

Practice Guidelines are available on the Practice Guidelines page.

Media Guidelines for public hearings are available on the Media page. Members of the media should refer to these guidelines for further information on publication and access to evidence.

The Royal Commission has become aware that some people may have been receiving information that the Commission can make a decision to refund investors or provide compensation. Such claims are not correct. The Commission cannot resolve individual disputes. It cannot fix or award compensation or make orders requiring a party to a dispute to take or not to take any action.

The Royal Commission's initial public hearing was held on 12 February 2018. A video recording and transcript of the initial hearing is available.

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Royal Commission sees increased ASIC, APRA funding

Both ASIC and APRA will receive additional payments from the Government in light of the financial services Royal Commission. ASIC will receive $10.6 million over two years from 2017-18 and APRA will receive $2.7 million in 2018-19. The Government said these payments will be offset by a $2.7 million increase in APRA financial institutions supervisory levies in 2018-19 and $10.6 million recovered as part of ASIC's industry funding model.

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APRA and ASIC have the legal power to sack bank heads, but they need willpower

The chairwoman and boss of AMP have resigned after the company admitted to charging for advice never provided and lying to clients and regulators.  But no banking chiefs have been toppled, despite the Financial Services Royal Commission unearthing instances of fraud, bribery, impersonating customers, failures to report misconduct to regulators and other poor behaviour.

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Statement from CEO Anna Bligh - Australian Banking Association

The past few days of hearings at the Royal Commission have been sobering for the entire industry.

 The issues raised have been unacceptable and do not meet the high standards the community rightly expects of banks.

Australia’s banks are committed to tackling misconduct head-on and strongly back the reforms proposed today by the Turnbull Government to penalise bad conduct within the industry.

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ASIC totally unprepared for advice reforms: Tynan

Connect Financial Service Brokers chief executive Paul Tynan believes if the Royal Commission has made anything clear, it's that ASIC is in the dark about how to police financial advice misconduct. Speaking to Financial Standard, Tynan said the key issue is that ASIC is part of a club which only hears its own noise. He said several of the country's largest financial institutions and consultants were also part of said club.

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