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Public will be able to respond to RC interim report

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Reporter 2 minute read

The public will be invited to respond to Commissioner Hayne’s interim report from the financial services royal commission, which will “identify a number of policy-related issues”.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has confirmed that Commissioner Kenneth Hayne intends to submit his interim report, which will include his take on the first four rounds of hearings, to the Governor-General by 30 September.

The interim report is expected to identify a “number of policy-related issues” arising from the commission’s public hearings to date, which have covered consumer lending, financial advice, SME loans and the experiences of regional and remote communities with financial services entities.

The public will be invited to make submissions on policy issues raised in the interim report.

The due date for submissions in response to the interim report will be four weeks after the interim report is tabled in Parliament.

The commission will reportedly formally announce the due date for submissions once the interim report is tabled.

While the interim report will not cover topics in the next few rounds, the commission has said that the public will be invited to submit their responses at the conclusion of those rounds, when policy-related issues will be identified. (Round five, starting on 6 August, will focus on superannuation; round six, scheduled for 10 September, will look at insurance; and round seven, which is expected to start on 19 November, will focus on “policy questions arising from the first six rounds”.)

The commission has said that should members of the public wish to submit a response to the interim report, and would like to commence work on their submission before it is released, they “may wish to do so based on the issues already identified at the conclusion of each of the first four hearing rounds”.

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Meanwhile, the commission has said that the commission continues to welcome submissions from the public using the online form (which has been available on its website since January 2018), but that it will only be accepting these submissions until Friday, 28 September 2018.

This form has so far enabled 7,337 submissions from members of the public and organisations.

A statement on the financial services’ royal commission website reads: “The commission appreciates the engagement from consumers, organisations and experts with this process.

“Those still wishing to share their stories, including those with experiences relating to the superannuation or insurance industry, are encouraged to make their submission as soon as possible.

“After submissions close on 28 September 2018, the commission will shift its attention from past experiences to proposals on what should be done in response to the issues raised or conduct uncovered within the banking, superannuation and financial services industry.”

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A final report from the royal commission is expected by 1 February 2019.

[Related: Brokers in the crosshairs of a royal commission]

Public will be able to respond to RC interim report
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