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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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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.

Read more...

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.

Read more...

Dead advice clients slugged ongoing service fees

The Commonwealth Bank has admitted one of its advice subsidiaries charged ongoing service fees to clients it knew had passed away. Providing testimony to the Royal Commission today, CBA executive general manager, Commonwealth Private Marianne Perkovic acknowledged that on at least three separate occasions authorised representatives of Count Financial were identified in 2015 for continuing to charge ongoing service fees to clients that had died.

Read more...

Austrac stands ground in CBA case

Financial intelligence agency Austrac is sticking with legal arguments that are part of its case that Commonwealth Bank repeatedly breached anti-money laundering laws, despite the bank's rebuttals. Austrac late last week filed its response to CBA's amended defence, the latest development in the agency's high-profile claim that CBA failed to properly monitor and report suspicious cash transactions through its ATM network.

Read more...

New AUSTRAC boss shocked by ‘depth and breadth’ of money laundering

Australia’s financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation. “I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime,” she told the ABC’s AM program.

Read more...
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