The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
The Interim Report of the Financial Services Royal Commission was submitted to the Governor-General and tabled in the Australian Parliament on 28 September 2018.
It covers policy-related issues arising from the first four rounds of hearings and poses a series of questions about:
- the adequacy of the existing laws and policies of the Commonwealth relating to the provision of banking and related financial services;
- the adequacy of the internal systems of financial services entities;
- the adequacy of existing forms of industry self-regulation, including industry codes of conduct, to identify, regulate and address misconduct and conduct falling short of community expectations and to provide appropriate redress to consumers;
- the effectiveness and ability of regulators to identify and address misconduct;
- whether any further changes to the legal framework, practices within entities, or the financial regulators are necessary to minimise the likelihood of misconduct in the future; and
- the effectiveness of mechanisms for redress for consumers of financial services who suffer detriment as a result of misconduct.