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

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was formally established on 14 December 2017 and held seven rounds of hearings during the course of 2018.  The CEO of the AFA appeared during Round 2 on 26 April 2018.

The final report was handed to the Government on 1 February 2019 and publicly released on 4 February 2019.  The final report included 76 recommendations and three separate volumes.  Volume one included the Recommendations, whilst volume two addressed the Case Studies that were covered in the hearings.  Volume three was the appendices.  The Government has also provided a response to the report, setting out what they propose to implement.

 

AFA Submissions in Response to Consultation on Royal Commission Recommendations

22 March 2019 - AFA Submission to Treasury on Ending Grandfathered Conflicted Remuneration

12 April 2019 - AFA Submission on AFCA Rules Amendments

24 April 2019 - AFA Submission on Ending Grandfathered Conflicted Remuneration for Financial Advisers 

26 April 2019 - AFA Submission on Universal Terms for Insurance within MySuper 

 

Royal Commission Final Report

Royal Commission Final Report – Govt. Response (full)

Royal Commission Final Report – Govt. Response (Financial advice recommendations)

Royal Commission Final Report – Volume 1

Royal Commission Final Report – Volume 2

Royal Commission Final Report – Volume 3

 

AFA Submissions to Royal Commission

7 May 2018 - AFA Submission to Royal Commission

21 September 2018 - AFA Submission to Royal Commission

25 October 2018 - AFA Submission to Royal Commission - Insurance Round

26 October 2018 - AFA Submission to Royal Commission - Interim Report

14 December 2018 - AFA Extra Submission to Royal Commission

 

AFA Policy: Further analysis of Royal Commission Final Report

18 February 2019 - Analysis of RC Recommendation on Life Insurance Commissions

28 February 2019 -  Conflicted Remuneration, Intermediaries and Grandfathering

19 March 2019 -  Royal Commission failed to Understand the Value of Ongoing Financial Advice