Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Misconduct in the banking, superannuation and financial services industry
Inquiries Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Commissioner The Honourable Justice Kenneth Madison Hayne AC QC
Inquiry period 14 December 2017 (2017-12-14) – present
Constituting instrument Royal Commissions Act 1902 (Cth)
Website financialservices.royalcommission.gov.au

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, is a royal commission was established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation and financial services industry. The Commissioner, Kenneth Hayne, submitted an interim report to the Governor-General on 28 September 2018, which was tabled by the Government on the same day, and is open for public submissions until 26 October 2018.[1]

Background

Michelle Grattan has characterised the incoming Abbott Liberal-National government as being "determined to weaken protections" that Labor had introduced, although she noted these attempts were defeated by the Senate crossbench.[2]

In light of an account fraud scandal at US-bank Wells Fargo, on 5 May 2014 ABC TV Four Corners, in conjunction with Fairfax journalists, broadcast an exposé of a sales-driven culture within the Commonwealth Bank's (CBA) financial planning division, that was described as profit at all cost.[3] Chaired by Labor Senator Mark Bishop, a subsequent Senate committee inquiry recommended a royal commission into the fraud scandal that left thousands of CBA customers millions of dollars out of pocket. The committee reported on the performance of the Australian Securities and Investments Commission (ASIC).[4] Several days later, CBA chief executive Ian Narev apologised unreservedly to customers who lost money in the bank's financial planning scandal. Treasurer at the time, Joe Hockey, whose mother was impacted by the scandal, stated that the bank did not act quickly enough to address the problem.[5] The CBA was subsequently embroiled in other matters including money laundering for drug syndicates, turning a blind eye to terrorism financing, ignoring statutory reporting responsibilities for more than three years on more than 750,000 accounts,[6] and impropriety in foreign exchange trading.[7]

The National Australia Bank (NAB) was implicated during 2015 in a series of scandals concerning financial planners where it was revealed that the NAB quietly paid millions of dollars in compensation to hundreds of clients for what it considered was inappropriate financial planning advice by its staff between 2009 and 2015. A whistleblower claimed that there was a volatile, toxic and Machiavellian culture within NAB.[8][9] ASIC banned NAB staff who were previously licensed to provide financial advice.[10] Subsequently, it was revealed that NAB were also implicated in impropriety in foreign exchange trading.[7]

Westpac was implicated in allegations that it rigged one of Australia's key interest rates, the bank bill swap rate[11][12] and was sued under responsible lending laws for using an automated process to decide whether peoples' home loan applications met lending criteria.[13][14] Further, a Westpac banker was imprisoned for fraudulently lending millions of dollars to elderly pensioners.[15] Following ASIC investigations, Westpac was instructed to make a donation of $3 million to Financial Literacy Australia after ASIC found that the bank's employees disclosed confidential details of their clients' orders to other foreign exchange traders.[16] Westpac refunded $65 million to 220,000 customers after it failed to pass on benefits they should have received under package deals, including home loans, credit cards and transaction accounts, offered by the bank.[17]

The ANZ Bank (ANZ) was also implicated in the bank bill swap rate scandal[11] and settled with ASIC prior to the commencement of legal proceedings.[18]

Macquarie Bank was implicated in the foreign exchange trading scandal and was instructed to donate $2 million to charity and to open up its foreign exchange arm to scrutiny after ASIC uncovered a series of breaches by its traders.[19]

Appearing before the House of Representatives Standing Committee on Economics, chief executives of the ANZ, CBA, NAB, and Westpac advised that, despite consumer complaints, very few senior bank staff were dismissed due to misconduct; despite supervising more junior staff who had been dismissed.[20][21]

In a 2016 speech before the National Press Club, opposition leader Bill Shorten outlined his plans for a royal commission into the banking sector, should Labor win government at the 2016 federal election.[22] Meanwhile, Liberals Warren Entsch MP also supported calls for a royal commission;[22] as well as CBA whistleblower, Jeff Morris, who, for eight years, since 2008, documented the industry's "systemic bad behaviour".[23]

Despite an attempt launched in April 2016 to protect consumer interests, increase transparency and accountability, and build trust and confidence in banks, amidst growing community concerns, in January 2017 twenty-five members of the Australian Banking Association launched Better Banking, an initiative aimed to provide improve products, service and culture, and to provide consumers with helpful information and resources.[24][25] In April 2016 Steve Sedgwick AO, a former senior Australian public servant, was commissioned to conduct a review into bankers' pay and commissions;[26] and recommended the termination of bonus payments to retail bank employees that are linked to sales performance.[27][28][29] In March 2017 ASIC handed down a report on financial advice compliance in the sector; and in September 2017 the Turnbull government introduced legislation to establish the Australian Financial Complaints Authority, an external dispute resolution body aimed to simplify how customers resolve complaints with bank and other financial services organisations.

Over the preceding years, there had been widespread criticism of ASIC's activities as a regulatory body, including its supervision of banks.[30][31][32][33][34][35]

In late 2017, as a backlash against the legalisation of same sex marriage, the Nationals threatened to introduce a private member's bill calling for a commission of inquiry into the banking system. It was reported that the bill would be co-sponsored by the Nationals, Labor, the Greens and Senate crossbench parties. Nationals Senator Barry O'Sullivan,[36][37] and LNP MPs George Christensen and Llew O'Brien,[38] together with the Greens, Labor, and Senate crossbench parties, had enough numbers to force the Turnbull government's opposition to a royal commission.[39][40]

In the 2017 federal budget, the Turnbull government proposed the introduction of a bank tax (or levy) that applied to banks with liabilities of at least $100 billion.[41] The levy came into effect on 1 July 2017.[42]

With political pressure mounting,[43] on 30 November 2017 Turnbull and his Treasurer, Scott Morrison, announced plans for a royal commission.[44][45] The royal commission was established on 14 December 2017.

The interim report from the Royal Commission was published and tabled on 28 September 2018. The report contained substantial findings against banks, insurance companies and financial planners.

Terms of reference

On 14 December 2017, the Governor-General Sir Peter Cosgrove issued Commonwealth letters patent appointing the commissioner and the commission's terms of reference. The commissioner was directed "to inquire into and report on misconduct in the banking, superannuation and financial services industry."[46] It is due to table its final report on 1 February 2019, which has been noted to be not long before the next Australian federal election.[47]

Response

The setting up of the royal commission was supported by the Opposition leader, Bill Shorten;[48] however, opposition treasury spokesperson, Chris Bowen, stated that Labor disagreed with the terms of reference and wanted the Government to consult with consumer groups and those impacted by financial scandals.[45] Meanwhile, the Greens sought to widen the commission's terms of reference.[49] The Australian Banking Association, and some of its members,[50] who initially opposed calls for a royal commission,[24][51] supported the terms of reference;[45][52] however the Association's CEO, Anna Bligh warned that the commission could push up interest rates.[53]

As revelations of misconduct came to light during the hearings, political pressure was exerted on the Turnbull government that it had delayed the establishment of the Royal Commission;[54] and Mathias Cormann, the Finance Minister, indicated that if Commissioner Hayne sought more time to extend the life of the Royal Commission, the government would respond positively.[55]

Commissioner and executive

On 1 December 2017 Turnbull announced the appointment of Justice Kenneth Hayne as the sole commissioner for the royal commission.[56][57]

The commissioner subsequently announced that he would be assisted by legal counsel including Rowena Orr, Michael Hodge, Albert Dinelli, Eloise Dias, and Mark Costello.[58]

Powers

The powers of Royal Commissions in Australia are set out in the enabling legislation, the Royal Commissions Act 1902.

Royal Commissions, appointed pursuant to the Royal Commissions Act or otherwise, have powers to issue a summons to a person to appear before the Commission at a hearing to give evidence or to produce documents specified in the summons; require witnesses to take an oath or give an affirmation; and require a person to deliver documents to the Commission at a specified place and time.[59] A person served with a summons or a notice to produce documents must comply with that requirement, or face prosecution for an offence. The penalty for conviction upon such an offence is two years imprisonment.[60] A Royal Commission may authorise the Australian Federal Police to execute search warrants.[61]

Submissions

The Commission invited individuals or entities to make public submissions using an online form, with provision for those who require further assistance via email or by telephone. The purpose of the submissions was to identify the nature of alleged misconduct, the factors that led to the misconduct occurring, and the steps taken to resolve the complaint and the outcomes of the complaint. The role of the Commission was not to resolve individual complaints,[62] yet to come to an understanding of the systematic failures that may have led to the complaint occurring.[63]

As of 9 March 2018, the Commission received 1,894 submissions of which the leading matters related to personal finance, superannuation, and small business finance.[63][64]

The commissioner identified a number of themes, as follows:[65]

  1. Some Features of the Australian Banking Industry: Background Paper
  2. Some Features of the Australian Mortgage Broking Industry: Background Paper
  3. Some Features of Car Financing in Australia: Background Paper
  4. Everyday Consumer Credit - Overview of Australian Law Regulating Consumer Home Loans, Credit Cards and Car Loans: Background Paper

Public hearings

Initial proceedings commenced on 12 February 2018. Key comments made by the Commissioner during this hearing and elsewhere include:[66]:86-7

A part of what I've got to do eventually, I think, may be to assess what ADIs and other financial service entities have made of complaints and revelations. The industry is a large industry, large participants, lots of people. Things go wrong. It's a human system, therefore things go wrong. Sometimes things go wrong through dishonesty. Sometimes things go wrong because of neglect, carelessness, or just sheer coincidence. I understand all of that. There is a whole raft of law up there governing this industry. One thing that I may have to look at, I think, is what the attitude, either of the industry generally, if there were such a thing, participants in the industry, is to the notion of obedience to the law. Obedience to the law that governs the way they conduct their affairs. There may be a difference – I don't say there is – there may be a difference between a breakdown in controls and an acknowledgment of breach of law. Treat that as the soliloquy it undoubtedly is, Mr Waldron, or deal with it as you wish. But I don't want people ignoring the fact these are ideas that are at least on the table.

— Hayne, J.

Consumer lending practices

The first round of public hearings commenced on 13 March, and these were focused on consumer lending practices within the context of credit products such as home loans, car loans and credit cards. Over fourteen days, the Royal Commission heard from executives from ANZ Bank, APRA, ASIC, Aussie Home Loans, Citigroup, Commonwealth Bank, the Finance Sector Union, ING Bank, NAB, Smartline HomeLoans and Westpac. Before the Royal Commission:[66]

ANZ ... acknowledged that it had engaged in misconduct and conduct falling short of community standards expectations relating to home loans, credit cards, processing errors and car finance.[66]:37

The Royal Commission heard that ANZ had failed to accurately verify the living expenses of home loan customers referred to the bank by mortgage brokers, believing that this was the responsibility of the brokers, in spite of a conflict of interest in doing so;[67]:465-469[68] and that, due to processing issues, it had charged nearly 500,000 home loan customers the incorrect interest rate for more than ten years, leading the bank to overcharge customers by approximately $90 million.[69][70][71]:662[72]:707

CBA acknowledged that it had engaged in misconduct in limited respects.... in conduct falling below community standards and expectations in relation to add-on insurance, responsible lending and offers of credit.[66]:38-9

Commissioner Hayne questioned whether the CBA was "economical with the truth" in failing to tell customers the value of commissions it pays to mortgage brokers in return for selling its products.[73]:260 The Royal Commission also heard that due to a system of trailing commissions paid to mortgage brokers, the CBA rewarded brokers for encouraging customers to enter into larger homes loans and for longer terms than needed.[74][75][76] The Royal Commission heard that the CBA-owned Aussie Home Loans retained commissions where broker agreements were terminated following detection of alleged fraudulent activity;[77][78] and that it failed to refer such brokers to the industry association for disciplinary action.[79]:345-7

[NAB]...acknowledged it had engaged in misconduct and conduct falling below community standards and expectations in relation to home lending, credit cards, personal loans and processing or administration errors.[66]:40-1

However, when queried on the matter by Counsel Assisting that "...there was fraudulent conduct engaged in by NAB bankers and by introducers... We see no reference here to any fraudulent conduct. In fact the language is very qualified in the description of the conduct here... the conduct was in breach of the group's policies and processes including provision of potentially unsuitable loans, reliance on potentially false documentation, use of correct income figures, potentially dishonest application of customers' signatures, and a potential misstatement of some loans in loan documentation. Now, what I want to put to you is that NAB knows and you know that there were unsuitable loans, there was false documentation, there was dishonest application of customers' signatures on consent forms and there was the misstatement of some loans in loan documentation. All of those things occurred, did they not?" NAB's Mark Waldron agreed that conduct was fraudulent and beyond misconduct; "Yes, we can now say that they have occurred."[66]:83 It was reported that NAB employees in greater western Sydney were accepting bribes in order to facilitate loans they knew were based on false documentation in order to reach lending targets and to collect personal bonuses;[80][81] and up to 15 per cent of all home loans approved did not meet NAB's standard criteria for valuation, serviceability and document verification.[82]

Westpac ... acknowledged that across the brands [of Westpac, St George Bank, Bank of Melbourne and RAMS] it ... engaged in actual or potential misconduct and conduct falling below community standards and expectations relating to home lending, credit cards, car loans, add-on insurance, processing or administration errors and unsolicited offers of credit.[66]:42

The Commission heard that, similar to ANZ, Westpac believed that it was not its responsibility to verify loan applicants' personal expenses, with this responsibility resting with brokers, especially for car loans originated by motor vehicle dealers acting as brokers;[72]:776[83] and that financial kickbacks to car dealers reflected a conflict of interest.[84]

Financial planning and wealth management

In mid-April 2018, the second round of hearings, focused on the financial planning and wealth management industry commenced.[85] During this round, on 20 April 2018 Craig Meller resigned as CEO of AMP Limited after it was revealed in a public hearing before the Royal Commission that AMP charged clients for financial advice which was not provided, and misled ASIC on numerous occasions.[86][87]

Small and medium enterprises

The third round of hearings, due to commence in mid-May 2018, will focus on small and medium enterprises.[85]

Financial services and Indigenous communities

In July, proceedings moved to Darwin to examine financial services, particularly funeral insurance, and how they impacted on Indigenous communities.[88] The Royal Commission will not consider consumer leases, payday loans or in-store credit arrangements' impacts on Indigenous communities because they are not within the terms of reference.[89]

See also

References

  1. ↑ Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
  2. ↑ Grattan, Michelle. "Grattan on Friday: Government's misjudgement on banking royal commission comes back to bite it". The Conversation. Retrieved 28 April 2018.
  3. ↑ Ferguson, Adele (5 May 2014). "Banking Bad" (transcript). Four Corners. Australian Broadcasting Corporation. Retrieved 1 March 2018.
  4. ↑ McGrath, Pat; Janda, Michael (27 June 2014). "Senate inquiry demands royal commission into Commonwealth Bank, ASIC". ABC News. Australia. Retrieved 1 March 2018.
  5. ↑ Janda, Michael (4 July 2014). "Commonwealth Bank boss Ian Narev says sorry for multi-million-dollar financial planning scandal". ABC News. Australia. Retrieved 1 March 2018.
  6. ↑ Verrender, Ian (7 August 2017). "How the Commonwealth Bank laid the groundwork for a royal commission". ABC News. Australia. Retrieved 1 March 2018.
  7. 1 2 Frost, James; Eyers, James (21 December 2016). "CBA and NAB admit impropriety in foreign exchange trading". The Age. Melbourne. Retrieved 1 March 2018.
  8. ↑ Ferguson, Adele; Williams, Ruth (21 February 2015). "Forgery, sackings and millions in compensation: NAB under fire over financial planners". The Sydney Morning Herald. Retrieved 3 March 2018.
  9. ↑ Danckert, Sarah (26 April 2016). "Senior NAB financial planner banned for deceptive conduct". The Sydney Morning Herald. Retrieved 3 March 2018.
  10. ↑ "16-022MR ASIC bans former NAB bank adviser for seven years" (Press release). Australian Securities and Investments Commission. 4 February 2016. Retrieved 3 March 2018.
  11. 1 2 Dankert, Sarah (30 October 2017). "Westpac to fight ASIC allegations after ANZ, NAB settle rate-rigging case". The Sydney Morning Herald. Retrieved 3 March 2018.
  12. ↑ Dankert, Sarah (17 November 2017). "'Implausible': Westpac trader grilled over testimony". The Sydney Morning Herald. Retrieved 3 March 2018.
  13. ↑ Janda, Michael (2 March 2017). "Westpac not alone in ASIC home loan investigation". ABC News. Australia. Retrieved 1 March 2018.
  14. ↑ Long, Stephen (1 March 2017). "Westpac: Landmark Federal Court case over lending practices sends message to other banks". ABC News. Australia. Retrieved 3 March 2018.
  15. ↑ Jackson, Ed (9 February 2017). "Former Westpac banker David St Pierre jailed over $4 million fraud". news.com.au. AAP. Retrieved 3 March 2018.
  16. ↑ Uribe, Alice; Thomson, James (15 March 2017). "Westpac, ANZ to pay $6 million over FX system 'inadequacy'". Financial Review. Australia. Retrieved 3 March 2018.
  17. ↑ Yeates, Clancy (19 October 2017). "Westpac refunds $65m to 200,000 customers over discount errors". The Sydney Morning Herald. Retrieved 3 March 2018.
  18. ↑ Chau, David (23 October 2017). "ANZ settles interest rate rigging case just before trial begins". ABC News. Australia. Retrieved 1 March 2018.
  19. ↑ Wilkins, Georgia (19 May 2017). "Macquarie admits to misconduct inside its foreign exchange trading arm". The Sydney Morning Herald. Retrieved 3 March 2018.
  20. ↑ Eyers, James (10 April 2016). "Big four banks sack few for misconduct". Financial Review. Australia. Retrieved 3 March 2018.
  21. ↑ Riordan, Primrose (6 October 2016). "Bank inquiry: NAB's Andrew Thorburn, Westpac's Brian Hartzer". Financial Review. Australia. Retrieved 3 March 2018.
  22. 1 2 Coorey, Phillip (8 April 2016). "Labor vows royal commission into entire financial services sector". Financial Review. Australia. Retrieved 1 March 2018.
  23. ↑ Vickery, Kara (9 June 2016). "Whistleblower Jeff Morris says 'nothing will change' without a Royal Commission into banks". news.com.au. Australia. Retrieved 3 March 2018.
  24. 1 2 Coorey, Phillip (25 May 2017). "Banks losing battle in image repair, leaked documents reveal". Financial Review. Australia. Retrieved 1 March 2018.
  25. ↑ "About us". Better Banking. Australian Banking Association. 2017. Retrieved 3 March 2018.
  26. ↑ Rose, Sally; Shapiro, Jonathan (12 July 2016). "Bankers' pay to be reviewed by former public service cop Stephen Sedgwick". Financial Review. Australia. Retrieved 1 March 2018.
  27. ↑ Frost, James (19 April 2017). "Banks forced to scrap bonus pay schemes linked wholly to sales targets". Financial Review. Australia. Retrieved 1 March 2018.
  28. ↑ Uribe, Alice (29 July 2017). "Stephen Sedgwick says bank culture can't be regulated 'from the outside'". Financial Review. Australia. Retrieved 1 March 2018.
  29. ↑ Ryan, Peter (19 April 2017). "Banks urged to make a sharp break with the past to improve culture: ABA report". The World Today. Australian Broadcasting Corporation. Retrieved 3 March 2018.
  30. ↑ "Performance of the Australian Securities and Investments Commission" (PDF). Economics References Committee, Australian Senate. Commonwealth of Australia. June 2014. ISBN 978-1-76010-037-7. Retrieved 3 March 2018.
  31. ↑ Ferguson, Adele; Butler, Ben; Williams, Ruth (23 November 2013). "Scrutinising ASIC: Is it a watchdog or a dog with no teeth?". The Sydney Morning Herald. Retrieved 3 March 2018.
  32. ↑ "ASIC defends itself against 'appalling' criticisms" (transcript). 7.30 (Interview). Interviewed by Leigh Sales. Australian Broadcasting Corporation. 14 October 2013. Retrieved 3 March 2018.
  33. ↑ "Fit for the future: A capability review of the Australian Securities and Investments Commission: A report to government" (PDF). Commonwealth of Australia. December 2015. ISBN 978-1-925220-78-0. Retrieved 3 March 2018.
  34. ↑ McConnell, Pat (28 October 2016). "ASIC report highlights a deep culture problem in Australia's banks". The Conversation. The Conversation Media Group Ltd. Retrieved 3 March 2018.
  35. ↑ Ferguson, Adele (26 March 2017). "ASIC needs more power over white-collar criminals, according to Senate". Financial Review. Australia. Retrieved 1 March 2018.
  36. ↑ Coorey, Phillip (16 November 2017). "Nats plot bank royal commission in gay marriage payback". Financial Review. Australia. Retrieved 1 March 2018.
  37. ↑ Coorey, Phillip (23 November 2017). "Efforts to thwart bank probe increase as bill released". Financial Review. Australia. Retrieved 1 March 2018.
  38. ↑ Coorey, Phillip (27 November 2017). "Bank inquiry almost certain after Nationals secure crucial second vote". Financial Review. Australia. Retrieved 1 March 2018.
  39. ↑ "Here's what we know about the banking royal commission". ABC News. Australia. 4 December 2017. Retrieved 1 March 2018.
  40. ↑ Henderson, Anna; Norman, Jane (8 June 2016). "Election 2016: Federal Government dismisses call for banking commission as ASIC takes on NAB". ABC News. Australia. Retrieved 3 March 2018.
  41. ↑ Clarke, Carrington (10 May 2017). "Federal budget 2017: How the new bank tax will work". ABC News. Australia. Retrieved 3 March 2018.
  42. ↑ Turnbull Government’s $6.2b big bank levy passes Parliament
  43. ↑ Coorey, Phillip (24 November 2017). "Scott Morrison's plan to derail the bank inquiry". Financial Review. Australia. Retrieved 1 March 2018.
  44. ↑ Sweeney, Lucy; Yaxley, Louise (30 November 2017). "Malcolm Turnbull backflips on banking royal commission after big four call for inquiry to restore public faith". ABC News. Australia. Retrieved 3 March 2018.
  45. 1 2 3 Belot, Henry (30 November 2017). "As it happened: Malcolm Turnbull announces banking royal commission after prolonged Nationals pressure". ABC News. Australia. Retrieved 3 March 2018.
  46. ↑ "Letters Patent" (PDF). Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 14 December 2017. Retrieved 1 March 2018.
  47. ↑ Grattan, Michelle. "Grattan on Friday: Government's misjudgement on banking royal commission comes back to bite it". The Conversation. Retrieved 28 April 2018.
  48. ↑ Coorey, Phillip; Eyers, James (30 November 2017). "Political fight looms over royal commission". Financial Review. Australia. Retrieved 1 March 2018.
  49. ↑ Eyers, James (30 November 2017). "Royal commission could have been worse for the banks". Financial Review. Australia. Retrieved 1 March 2018.
  50. ↑ Coulter, Dan (9 April 2016). "NAB, ANZ bosses say calls for royal commission in banking a 'serious distraction'". ABC News. Australia. Retrieved 3 March 2018.
  51. ↑ "Major banking reform and change is already under way" (Press release). Australian Banking Association. 20 November 2017. Retrieved 3 March 2018.
  52. ↑ "Royal Commission" (Press release). Australian Banking Association. 30 November 2017. Retrieved 3 March 2018.
  53. ↑ Baker, Philip (30 November 2017). "Banking royal commission could lead to higher mortgage rates". Financial Review. Australia. Retrieved 3 March 2018.
  54. ↑ McIlroy, Tom (22 April 2018). "Financial Services Minister Kelly O'Dwyer challenged over royal commission". Financial Review. Australia. Retrieved 23 April 2018.
  55. ↑ Tillett, Andrew; Coorey, Phillip (19 April 2018). "Banking royal commission could be extended: Finance Minister Mathias Cormann". Financial Review. Australia. Retrieved 23 April 2018.
  56. ↑ Turnbull, Malcolm (1 December 2017). "Appointment of Royal Commissioner". Prime Minister of Australia (Press release). Canberra. Retrieved 1 December 2017.
  57. ↑ Gribbin, Caitlyn (1 December 2017). "Banking royal commission: Government appoints former Judge Kenneth Hayne to lead inquiry". ABC News. Australia. Retrieved 1 December 2017.
  58. ↑ Whitbourn, Michaela (14 March 2018). "The woman asking the hard questions at the banking royal commission". The Sydney Morning Herald. Retrieved 14 March 2018.
  59. ↑ "ROYAL COMMISSIONS ACT 1902 - SECT 2 Power to summon witnesses and take evidence". Austlii.edu.au. Archived from the original on 3 February 2014. Retrieved 23 January 2014.
  60. ↑ "ROYAL COMMISSIONS ACT 1902 - SECT 3 Failure of witnesses to attend or produce documents". Austlii.edu.au. Archived from the original on 3 February 2014. Retrieved 23 January 2014.
  61. ↑ "ROYAL COMMISSIONS ACT 1902 - SECT 4 Search warrants". Austlii.edu.au. Archived from the original on 3 February 2014. Retrieved 23 January 2014.
  62. ↑ "Public submissions". Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Australian Government. 2018. Retrieved 14 March 2018.
  63. 1 2 "Home page". Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Australian Government. 9 March 2018. Retrieved 14 March 2018.
  64. ↑ Janda, Michael (13 March 2018). "Blog: Banking royal commission hears credit cards biggest cause of financial stress". ABC News. Australia. Retrieved 14 March 2018.
  65. ↑ "Publications". Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Australian Government. 2018. Retrieved 14 March 2018.
  66. 1 2 3 4 5 6 7 "Transcript of Proceedings: Day 2" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 13 March 2018. Retrieved 23 April 2018.
  67. ↑ "Transcript of Proceedings: Day 8" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 19 March 2018. Retrieved 23 April 2018.
  68. ↑ Hutchens, Gareth (19 March 2018). "ANZ admits not checking key details of loan applications made via brokers". Guardian Australia. Retrieved 23 April 2018.
  69. ↑ Frost, James (21 March 2018). "Hayne Royal Commission: Banking royal commission: ANZ is still charging the wrong interest rate". Financial Review. Retrieved 23 April 2018.
  70. ↑ Lannin, Sue (21 March 2018). "Banking royal commission: ANZ says 'processing errors' to blame for it overcharging customers by $90 million". ABC News. Ausralia. Retrieved 23 April 2018.
  71. ↑ "Transcript of Proceedings: Day 9" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 20 March 2018. Retrieved 23 April 2018.
  72. 1 2 "Transcript of Proceedings: Day 10" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 21 March 2018. Retrieved 23 April 2018.
  73. ↑ "Transcript of Proceedings: Day 4" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 15 March 2018. Retrieved 23 April 2018.
  74. ↑ Williams, Ruth (15 March 2018). "'Economical with the truth': CBA rapped over broker commissions". The Sydney Morning Herald. Retrieved 23 April 2018.
  75. ↑ Maley, Karen (15 March 2018). "Hayne Royal Commission: Life's tough as a foot soldier for the big banks". Financial Review. Retrieved 23 April 2018.
  76. ↑ Hutchens, Gareth (15 March 2018). "Broker payments an incentive to sell risky mortgages, CBA admits". Guardian Australia. Retrieved 23 April 2018.
  77. ↑ Williams, Ruth (15 March 2018). "Aussie Home Loans mortgage broker fraud kept secret". The Sydney Morning Herald. Retrieved 23 April 2018.
  78. ↑ "Banking royal commission day 3: CBA, Aussie Home Loans front inquiry". Financial Review. 15 March 2018. Retrieved 23 April 2018.
  79. ↑ "Transcript of Proceedings: Day 5" (transcript). Auscript Australia Pty Limited. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 16 March 2018. Retrieved 23 April 2018.
  80. ↑ Frost, James (14 March 2018). "Hayne Royal Commission: NAB staff took cash bribes to 'smash targets". Financial Review. Retrieved 23 April 2018.
  81. ↑ Danckert, Sarah (14 March 2018). "NAB board aware of alleged fraud ring for months: commission told". The Sydney Morning Herald. Retrieved 23 April 2018.
  82. ↑ Janda, Michael (14 March 2018). "Banking royal commission focuses on bonuses that encouraged loan fraud". ABC News. Ausralia. Retrieved 23 April 2018.
  83. ↑ Frost, James (21 March 2018). "Banking Royal Commission: We rely on car dealers to verify our loans, says Westpac". Financial Review. Retrieved 23 April 2018.
  84. ↑ Lannin, Sue (22 March 2018). "Banking royal commission: Westpac's 'unacceptable' car loan policies under spotlight". ABC News. Ausralia. Retrieved 23 April 2018.
  85. 1 2 "Public Hearings". Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Australian Government. 2018. Retrieved 14 March 2018.
  86. ↑ "AMP CEO quits after shocking revelations at the banking royal commission". SBS News. 20 April 2018. Retrieved 20 April 2018.
  87. ↑ Letts, Stephen (20 April 2018). "AMP boss Craig Meller steps down, company apologises after scandals revealed at banking royal commission". ABC News. Australia. Retrieved 20 April 2018.
  88. ↑ "Funeral insurer denies payout to customer of more than 20 years after daughter's death". ABC News. 1 July 2018. Retrieved 2 July 2018.
  89. ↑ "$52,000 for an $18,000 car: Finance program helping Aboriginal people vulnerable to scams". ABC News. 7 July 2018. Retrieved 6 July 2018.
  • Official website of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
  • Video archive of all the testimonies gathered during the Royal Commission’s public hearings.
  • Morrison, Scott; Turnbull, Malcolm (30 November 2018). "Royal Commission – Banks and Financial Services" (Press release). Commonwealth of Australia.
  • Turnbull, Malcolm; Morrison, Scott (30 November 2018). "Banks and Financial Services Royal Commission, Sam Dastyari and same-sex marriage" (transcript) (Interview). Commonwealth of Australia.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.