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Royal commission report to be released on Monday

by Annie Kane5 minute read
Kenneth Hayne

The final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is to be released on Monday, the Treasurer has confirmed.

The Australian Government will receive the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on Friday 1 February 2019.

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Treasurer Josh Frydenberg has confirmed that the final report will be publicly released at 4.10pm on Monday 4 February 2019, following the close of trading on the ASX.

Following its release, the Treasurer will hold a press conference at Parliament House.

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Last week, The Adviser suggested that the final report from the financial services royal commission could be released later than expected, after Treasurer Josh Frydenberg said government will “take into account” its potential market impacts when determining when to release it. 

The Adviser asked the federal Treasurer when the final report from the financial services royal commission would be publicly released last week and he replied that any public release of the report and its recommendations would “take into account” its potential market ramifications. 

Treasurer Josh Frydenberg said: “The government looks forward to receiving Commissioner Hayne’s final report by 1 February and considering its recommendations as we continue to reform the financial sector.

“The government recognises the potential market sensitivity of the final report and will take this into account in considering the timing of its release.” 

Further, the Treasurer told an audience at The Sydney Institute last week that the central tenet of the government’s eventual response to the final report would be “restoring trust in the financial system by delivering better consumer outcomes”.

He continued: “This requires a culture of compliance and accountability, regulators that are fit for purpose and an acknowledgement by the sector that people must be put before profits. All of this must be achieved without inadvertently strengthening the position of incumbents or unduly restricting the flow of credit or other vital financial services that Australians need and the economy relies on.

“In his interim report, Commissioner Hayne makes the telling observation that 'much more often than not, the conduct now condemned was contrary to the law'. He makes clear that while behaviour was poor, misconduct when revealed was insufficiently punished or not punished at all.

“This raises the issue as to whether new laws are required or whether existing laws simply need to be better enforced. Simplification may be, according to the commissioner, a better route rather than adding ‘an extra layer of legal complexity to an already complex regulatory regime’,” Mr Frydenberg concluded.

It is expected that the final report will pick up on some of the themes from the interim report, which raised many questions relating to who brokers act for, as well as broker remuneration

[Related: RC suggests it is considering recommendation to ban trail]

 

 

Royal commission report to be released on Monday
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Annie Kane

Annie Kane

AUTHOR

Annie Kane is the editor of The Adviser and Mortgage Business.

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