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ARTICLE · 04 DECEMBER 2017

Royal Commission Into The Financial Services Industry Announced

Clyde & Co
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After months of speculation, the Australian Government has announced that it will establish a Royal Commission into the alleged misconduct of Australia's banks, superannuation...

AustraliaInsurance
James Cooper
James Cooper
Avryl Lattin
Avryl Lattin
Dean Carrigan
Dean Carrigan
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After months of speculation, the Australian Government has announced that it will establish a Royal Commission into the alleged misconduct of Australia's banks, superannuation (pension providers) and financial services industry (including general and life insurers and reinsurers, and many insurance agents and brokers) ("the Commission"). With a budget of AUD75 million, the Commission will commence in February 2018. It is currently anticipated that the Commission will be required to issue its final report with findings and recommendations by February 2019.

Background

A Royal Commission into the financial services industry was first proposed by the Australian Labor Party (the opposition party) in the last electoral term. The current Government's policy had been that a Royal Commission would be expensive and was unnecessary in light of various regulatory and legislative measures recently introduced.

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