The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was announced on 30 November 2017 and formally established on 14 December 2017. The Commissioner is to provide an interim report to the Government by 30 September 2018 and a final report by 1 February 2019.
Banking and financial services providers have been called to give evidence in Commission hearings. The first round of hearings in March 2018 focussed on consumer lending practices within the context of credit products such as home loans, car loans and credit cards. The second round of hearings in April 2018 focussed on the financial planning and wealth management industry and a third round in May 2018 on small and medium enterprises.
Stakeholders have been and will be subject to questioning about misconduct, and about instances where conduct, practices, behaviour or business activities fall below community standards and expectations, according to The Royal Commission’s Terms of Reference.
As Australia's largest finance broking industry body, representing over 13,500 finance brokers, the MFAA has been monitoring the proceedings of The Royal Commission closely.
The MFAA continues to keep members abreast of developing and relevant Royal Commission information as it becomes available.
For more information on The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, visit the Commission’s website here.