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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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'Liar loan' reviews found flaws in CBA, Westpac processes

As recently as last May, Westpac and Commonwealth Bank had flawed processes for ensuring prospective home loan customers were telling the truth about their incomes, expenses and debts. Fresh details of problems in the banking giants' verification systems were revealed among a trove of documents uploaded by the banking royal commission into financial misconduct late last week.

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