Banking Royal Commission

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

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

Super fund members vulnerable, have been taken advantage of: Banking Royal Commission

Super fund members are vulnerable – like most beneficiaries – and many are disengaged and disadvantaged by a lack of financial literacy, Counsel Assisting Mr Hodge QC has told the Banking Royal Commission. He said that members are “readily able to be taken advantage of”, and the evidence suggests that… Read More »Super fund members vulnerable, have been taken advantage of: Banking Royal Commission

ASIC takes aim at super sector ahead of Royal Commission hearings

The Banking Royal Commission has commenced hearings into superannuation. The Chair of ASIC has taken aim at the financial services industry, in particular superannuation, weeks out from when the regulator will appear before the Banking Royal Commission. ASIC Chair James Shipton told the Financial Services Council summit that there was… Read More »ASIC takes aim at super sector ahead of Royal Commission hearings

Superannuation investors say AMP resignations only first step needed

The Banking Royal Commission has commenced hearings into superannuation. The Australian Council of Superannuation Investors (ACSI) has welcomed the resignation of AMP Chair Catherine Brenner, as a “belated gesture of board accountability” following revelations at the banking Royal Commission, but says more action is needed. AMP also today announced that… Read More »Superannuation investors say AMP resignations only first step needed

Improperly witnessing binding nominations was common practice at NAB

The Banking Royal Commission has commenced hearings into superannuation. Improperly witnessing superannuation binding nominations was a common practice amongst NAB staff, potentially leaving the documents invalid, the banking Royal Commission has heard. The Royal Commission heard about a husband and wife who were NAB customers and wished to nominate each… Read More »Improperly witnessing binding nominations was common practice at NAB