Financial Services Royal Commission Hub

FINANCIAL SERVICES ROYAL COMMISSION

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry dominated much of Australia's domestic news coverage in 2018. For corporate Australia, it's the release of the final report that will prove to be the most compelling development: Commissioner Hayne's recommendations have the potential to reshape the Australian corporate landscape, with ramifications extending beyond the financial services sector. Understanding Commissioner Hayne's observations, the implications of his recommendations and the potential for them to impact corporate Australia will be crucial.

We'll be giving you detailed analysis and views on specific aspects of that report and how it might affect you and your business. We welcome conversations about the issues – if you wish to have your own conversation with us about aspects of the report which affect you, please get in touch.

The Final Report of the Royal Commission
Government Response to the Final Report

One step closer to FAR: more details known of the Financial Accountability Regime Bill Modest changes to the Financial Accountability Regime Bill appear to address some of the concerns raised by industry in respect of the draft Proposed Legislation. Accountable Persons will be relieved by a reduction in scope of the new accountability ... Article, 11 Nov 2021
ASIC releases Enforcement Update for July to December 2019: What has the corporate regulator been up to? ASIC has recalibrated its regulatory priorities to focus on challenges created by COVID-19 and other highly significant or urgent matters. Article, 14 May 2020
Stronger Regulators Act: ASIC's powers strengthened again with search warrants, wire taps and banning orders The strengthened powers provide ASIC with further avenues to collect evidence for the purposes of its investigations and enforcement action. Article, 16 Apr 2020
ASIC and APRA provide update on post-Financial Services Royal Commission regulation ASIC and APRA, in addition to the Royal Commission recommendations addressed to them specifically, are working with the Federal Government to assist the development of legislative reform. Article, 5 Mar 2020
Financial Services Royal Commission - Exposure draft legislation briefing note The Government has released draft legislation for consultation in relation to 22 recommendations and two additional commitments arising from the Financial Services Royal Commission. Document, 6 Feb 2020
A call to action on non-financial risk: ASIC Governance Taskforce's report on director and officer oversight of non-financial risk The first report from ASIC's Corporate Governance Taskforce identifies significant failings with director and officer oversight of three types of non-financial risk, but the challenge for many entities will be to determine its findings can apply to t ... Article, 28 Nov 2019
State of Play: Regulatory environment post-Financial Services Royal Commission Australia stands on the precipice of a significant level of legislative and regulatory reform, following the Financial Services Royal Commission which has impacted the financial services industry as well as corporate Australia. Now over six months af ... Video, 6 Sep 2019
Federal Government and regulators all moving on Financial Services Royal Commission recommendations, but more to come The bulk of the Federal Government's commitments in response to the Financial Services Royal Commission will be implemented by mid-2020, with the rest by the end of 2020. With a significant increase in Government funding for 2019-20, ASIC and APRA ha ... Article, 5 Sep 2019
Governance, culture, accountability – APRA voices its expectations and intentions APRA's Information Paper on self-assessments of governance, accountability and culture provides useful guidance for all organisations which want to meet best practice – not just APRA regulated entities. Article, 30 May 2019
New Zealand eyes findings of Financial Services Royal Commission as it amends regulation of financial advice providers New Zealand hopes increased disclosure and conduct obligations will prevent financial adviser misconduct occurring on its side of the Tasman. Article, 4 Apr 2019
Financial Services Royal Commission part 6 - Competition in home lending In our latest deep dive into the Financial Services Royal Commission's Final Report, we focus on Commissioner Hayne's recommendation that the market structure for mortgage broking for home lending in Australia should be fundamentally rewritten to req ... Document, 25 Feb 2019
Financial Services Royal Commission part 5 - A new regulatory frontier – APRA's approach to supervision and enforcement in a post-Royal Commission environment In our latest deep dive into the Financial Services Royal Commission's Final Report, we explain what you can likely expect in your dealings with APRA in the post-Commission era and what you can do now to prepare for APRA's changed approach to supervi ... Document, 21 Feb 2019
Financial Services Royal Commission part 4 - Remuneration In our fourth update, we unpack Commissioner Hayne's recommendations on remuneration. Article, 14 Feb 2019
Financial Services Royal Commission part 3 - A new regulatory frontier – ASIC enforcement in a post-Royal Commission environment The release of the Final Report of the Financial Services Royal Commission will herald a new era in regulatory enforcement of the financial services industry in Australia. The message from Commissioner Hayne is clear – ASIC's approach to enforcement ... Document, 8 Feb 2019
Financial Services Royal Commission part 2 - Culture The Commission's findings in the Final Report place the primary responsibility for misconduct in the financial services industry with the entities concerned and those who managed and controlled those entities: their boards and senior management.. Document, 6 Feb 2019
Financial Services Royal Commission part 1 - the overview The Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry contains 76 recommendations impacting the banking, financial advice, superannuation and insurance industries in particular, but a ... Document, 5 Feb 2019

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