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ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY (RC) – ROUND 7 HEARINGS

November 8, 2018 by 30412rl

The seventh round of public hearings will be held in Sydney at the Lionel Bowen Building, 97-99 Goulburn Street, from  Monday 19 November to Friday 23 November, and in Melbourne at the Commonwealth Law Courts Building, 305 William Street, from Monday 26 November to Friday 30 November.

 

The seventh round will focus on causes of misconduct and conduct falling below community standards and expectations by financial services entities (including culture, governance, remuneration and risk management practices) and on possible responses, including regulatory reform.

 

The hearings will also consider the role of ASIC and APRA in supervising the actions of financial services entities, deterring misconduct by those entities, and taking action when misconduct may have occurred.

 

The Commission presently intends to deal with these issues through the entities set out below.

  • AMP Limited
  • Australia and New Zealand Banking Group Limited
  • Australian Prudential Regulation Authority
  • Australian Securities and Investments Commission
  • Bendigo and Adelaide Bank Limited
  • Commonwealth Bank of Australia
  • Macquarie Group Limited
  • National Australia Bank Limited
  • Westpac Banking Corporation

 

Further entities may be included and the list above will be updated accordingly before the hearings commence.

 

In accordance with Practice Guideline 5, there will be no process for applications for leave to appear for this round of hearings.

 

Round 5 submissions are now available – Submissions in response to Round 5, Superannuation

 

Submissions in response to Round 6 (Insurance) and the interim report will be published in the coming weeks.

IMPORTANT NOTICE

This document is designed to provide helpful general guidance on some key issues relevant to this topic. It should not be relied on as legal advice. It does not cover everything that may be relevant to you and does not take into account your particular circumstances. It is only current as at the date of release. You must ensure that you seek appropriate professional advice in relation to this topic as well as to the currency, accuracy and relevance of this material for you.

Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners of Radford Lawyers Pty Limited are members of the scheme.

 

Filed Under: News

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