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ARTICLE · 05 JULY 2018

Regulatory Developments In Australia's Banking Industry

Clyde & Co
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Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) has now completed three rounds of public hearings.

AustraliaCorporate/Commercial Law
Avryl Lattin
Avryl Lattin
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The Royal Commission

Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) has now completed three rounds of public hearings. With details of systemic misconduct emerging, the Government, regulators and the financial services industry are already being forced to respond.

In the public hearings so far, serious cases of misconduct and failure to meet community standards have been identified in respect of various banks and the financial advice industry. The issues identified include poor handling of conflict of interests, the inherent conflicted remuneration structure for the financial advisers, and that financial services may not have been provided efficiently, honestly and fairly as required under the Corporations Act 2001 (Cth) (Corporations Act).

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