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

Coverage of superannuation in the Banking Royal Commission (Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry). #bankingRC

Conflicted remuneration to stay under Government ‘rebate’ proposal

Superannuation industry bodies have strongly criticised a proposal by the Government to continue to allow conflicted remuneration, despite adopting a Banking Royal Commission recommendation. The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that “grandfathering provisions for conflicted remuneration should be… Read More »Conflicted remuneration to stay under Government ‘rebate’ proposal

Government seeks to implement two Royal Commission recommendations

The Government wishes to implement two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by amending some of its superannuation legislation in the Senate. The changes are being made to a Bill, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures… Read More »Government seeks to implement two Royal Commission recommendations

Royal Commission could lead to advice becoming a “true profession”: SMSFA

Implementing the reforms called for in the Hayne Royal Commission would ensure that financial advice becomes a profession, says the SMSF Association. SMSF Association CEO John Maroney said the reforms set out in the final report of the Royal Commission should provide the groundwork for a “more professional and trusted… Read More »Royal Commission could lead to advice becoming a “true profession”: SMSFA

Government demands Labor respond in full to Banking Royal Commission

The Government has accused Labor of putting politics ahead of policy – demanding that Labor respond in full to the recommendations of the Banking Royal Commission, despite its own response lacking detail. “The Government received Commissioner Hayne’s Final Report on Friday, we responded to it in full on Monday and… Read More »Government demands Labor respond in full to Banking Royal Commission

Government may not fully adopt Royal Commission super recommendations

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry – the Banking Royal Commission – has given its final report, making a number of recommendations on superannuation. Treasurer Josh Frydenberg says that the Government is “taking action” on all 76 recommendations in the Royal Commission final… Read More »Government may not fully adopt Royal Commission super recommendations

Banking Royal Commission final report to be released 4 February

The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry – commonly referred to as the Banking Royal Commission – will be publicly released late on Monday 4 February 2019, the Government has announced.

The report is set to be given to the Government on Friday 1 February.

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Satisfaction with super fund falls while Royal Commission looking at sector

Consumer satisfaction with the financial performance of their super funds has fallen at the same time as the Banking Royal Commission was holding hearings into the sector. Comparing statistics released by Roy Morgan Research for August 2018 to figures for June 2018 finds there was generally a fall in consumer… Read More »Satisfaction with super fund falls while Royal Commission looking at sector

Treasurer will be responsible for responding to Banking Royal Commission

The Treasurer will be responsible for responding to the Banking Royal Commission. However superannuation will be divided between the Treasurer and Assistant Treasurer. Treasurer Josh Frydenberg has announced the ‘Treasury portfolio arrangements’, mostly clearing-up who is responsible for what. It was initially unclear what areas would be within the purview… Read More »Treasurer will be responsible for responding to Banking Royal Commission

How can regulators be encouraged to act on misconduct?: Banking Royal Commission

“What can be done to encourage the regulators to act promptly on misconduct or potential misconduct?” That is one of the questions put to the Banking Royal Commission by Counsel Assisting in the closing submission on the recent superannuation hearings. At this stage the Banking Royal Commission is more questions… Read More »How can regulators be encouraged to act on misconduct?: Banking Royal Commission