Anyone planning to submit a response to the financial services royal commission’s interim report must do so by 5pm today.
The interim report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released in September and asked a swathe of questions regarding the mortgage broking industry.
The 375-page report (volume one of three) covered the “policy-related issues” arising from the first four rounds of public hearings, comprising consumer lending, financial advice, SME loans and the experiences of regional and remote communities with financial services entities.
Among the topics discussed in the interim report were:
- the structure of broker remuneration;
- whether commissions breach the National Consumer Credit Protection Act (NCCP);
- determining for whom a broker acts; and
- the relevance and reliance on the Household Expenditure Measure.
Submissions in response to the policy issues identified in the interim report can be made on the royal commission website and must be received no later than 5pm today (26 October 2018).
Any issues relating to individual disputes or instances of misconduct, or conduct falling below community standards, are not being sought as part of this process (the deadline for these submissions has already past).
Both members of the public (either individuals or organisations) and parties who had leave to appear in the first four rounds of hearings may make a submission.
The royal commission has requested that all submissions are in DOC of PDF format, are “as concise as possible” and are no more than 50 pages in length.
It has added that the commission may publish interim report submissions on its website.
The commission is now expected to “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”.
Commissioner Kenneth Hayne is expected to release his final report, which will include the topics of the fifth, sixth and seventh rounds of hearings (focusing on superannuation, insurance and “policy questions arising from the first six rounds”, respectively) by 1 February 2019.
The seventh round of hearings, which focuses on policy questions arising from the first six rounds, is scheduled to begin in Sydney on 19 November and will then move to Melbourne from 25 November.
Details about topics and case studies to be heard will be published prior to the hearings commencing.
[Related: Royal commission releases interim report]