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 Royal Commission Transition Tools

02 September 2019 - Grandfathered Commissions Decision Tree

 

Royal Commission Legislation

 

01 August 2019 - Ending Grandfathered Conflicted Remuneration Bill

01 August 2019 - Ending Grandfathered Conflicted Remuneration Explanatory Memorandum

01 August 2019 - Ending Grandfathered Conflicted Remuneration - Minister's speech

09 September 2019 - AFA Response to the Ending Grandfathered Conflicted Remuneration Bill

25 September 2019 - Grandfathered Conflicted Remuneration - A Policy Vacuum

 

AFA Submissions in Response to Consultation on Royal Commission Recommendations

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

29 March 2019 - AFA Submission on Insurance Claims Handling

12 April 2019 - AFA Submission on Enforceability of Financial Services Industry Codes

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 

28 August 2019 – AFA Submission to Treasury on Extending Unfair Contract Terms to Insurance Contracts

4 October 2019 – AFA Submission on Mortgage Broker Best Interests Duty and Remuneration Reforms

 

Royal Commission Final Report

Royal Commission - Implementation Roadmap

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

19 September 2019 -  The Hayne Recommendations - Why is there no debate? 

 

Royal Commission Other

 

10 April 2019 - Joint APRA/ASIC Letter to Super fund Trustees

26 July 2019 – Speech by Kenneth Hayne on Royal Commissions - CCCS Conference – Melbourne Law School