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

Date Event
30 November 2017 Royal Commission announced – see Media Release – Prime Minister – 30 November 2017 – Royal Commission into Banks and Financial Services and Media Release – Treasurer – 30 November 2017 – Royal Commission into Banks and Financial Services
14 December 2017 Terms of Reference finalised –  Letters Patent [PDF 257KB]
14 December 2017 Commissioner appointed –  the Honourable Kenneth Madison Hayne AC QC. He was a Justice of the High Court of Australia from 1997 to 2015.
January 2018 Letters issued by RC to financial services entities seeking voluntary response to questions in January 2018 – Letters issued by RC to financial services entities seeking voluntary response to questions in January 2018 – only issued to some insurers. Not aware of any insurance brokers. Insurance brokers caught indirectly if acting on behalf of insurers that received letter as insurers have been asked to respond on own behalf and in relation to persons acting on behalf of them. The information requested was from 1 January 2008. Process ongoing.
22 January 2018 Public submissions sought – For a copy of the form see here. For information on what is emerging from submissions see the RC homepage.
22 January 2018 Practice Guideline 1 issued – Procedures establishing the conduct of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
29 January 2018 Practice Guideline 2 issued – Procedure for making a claim of legal professional privilege.
9 February 2018 Practice Guideline 3 issued – Leave to appear and witnesses.
12 February 2018 Initial public hearing – Commissioner and Senior Counsel Assisting made opening statements. No witnesses called. See transcript.
19 February 2018 Document Management Protocol released – sets out the means and format in which electronic documents are to be produced to the RC. Should be read in conjunction with Practice Guideline 1.
6 March 2018 Practice Guideline 4 issued – Procedure for non-publication of direct contact information.
9 March 2018 Background Paper 3 – Some Features of Car Financing in Australia released – Relevant to insurance is limited discussion on correlation between car dealer profit margins and reliance on ancillary services such as the sale of insurance.
6 non-publication directions released – Notably, Non-publication direction DIR-002 mentions statement by Michael Saadat (5 March 2018) and order for non-publication of contact details for John Anning of ICA, which are contained in Saadat’s statement within Exhibits MS-1 and MS-9. No copy of this statement has been released and there is no detail regarding which hearing this statement is for.
13 March 2018 – 23 March 2018 First round of public hearings – The first round of public hearings have been announced and will focus on consumer lending practices within the context of credit products such as home loans, car loans and credit cards. Information on applications for leave to appear has been published. Of relevance to insurance is the confirmed topic of Add-On Insurance Products, which uses the case study of CBA credit insurance in connection with home loans, personal loans and credit cards. Further topics may be included, and the Round 1 Hearing list of topics will be updated accordingly before the hearings commence.

 
13 March 2018 Background Paper 4 Everyday Consumer Credit – Overview of Australian Law Regulating Consumer Home Loans, Credit Cards and Car Loans Released – Background paper provides no specific insurance information of relevance. Useful information on unfair contracts and unconscionable conduct.
16 April 2018 Second Round Hearings Commence – Will focus on the financial planning and wealth management industry. More information, including when to apply for leave to appear, will be available in the coming weeks.
30 September 2018 Interim report due.
1 February 2019 Final report due.
TBA Commission determines its program of public hearings – this will be published on its website and in the media. The public hearings will be streamed live through the Royal Commission’s website. Transcripts of any public hearing will be placed as soon as possible after it becomes available, subject to any order of the Royal Commission to the contrary.
Subpoenas issued re witness hearings and documentation provision under Royal Commissions Act 1902.
Witness hearings scheduled.
Closing arguments and submissions.

Government response to Commissioner report TBA.

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