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Banking Royal Commission 2018



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.


Banks reject misconduct claims in small business lending

Westpac, National Australia Bank and Commonwealth Bank have denied breaking the law through various dealings with small business customers that were explored in last month's royal commission hearings. However, the banks have admitted some of the behaviour put before the commission's hearings on small business last month was unfair, and that there were breaches of the industry code of conduct.


Was the Government too slow to act on calls for banking royal commission?

For 18 months the Turnbull Government resisted calls for a banking royal commission on the basis that it wouldn't reveal anything new. Just a few weeks into the hearings, even the most hardened critics of the finance industry confess they're been surprised by the revelations. And that's creating problems for the Government about whether it was too slow to act.


Chamberlains to lead $80 billion class action against mortgage industry

Lawyers' representing up to 300,000 litigants are planning an $80 billion action against mortgage lenders, mortgage brokers and financial regulators in a class action that would dwarf previs. Sydney-based Chamberlains has been appointed counsel for the action that is expected to commence preliminary proceedings by November and could run for several years.

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