Banking Royal Commission

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

ACTU calls on industry super funds to reconsider relationship with banks

The Banking Royal Commission has commenced hearings into superannuation. The Australian Council of Trade Unions has called on industry super funds – which include union representatives – to reconsider their relationships with the banks in light of the behaviour uncovered by the banking Royal Commission. ACTU Secretary Sally McManus has… Read More »ACTU calls on industry super funds to reconsider relationship with banks

Government struggling to justify not setting up Royal Commission sooner

The Banking Royal Commission has commenced hearings into superannuation. Senior members of the Government continue to struggle to justify their previous opposition to a banking Royal Commission in light of the revelations at before the Hayne Royal Commission. In an interview on ABC Insiders on Sunday the Minister for Revenue… Read More »Government struggling to justify not setting up Royal Commission sooner

Banking Royal Commission funding coming from enforcement budget

The Banking Royal Commission has commenced hearings into superannuation. Funding for the banking Royal Commission has been taken the budget for enforcement, a senior Government Minister has revealed. Steven Ciobo, Minister for Trade, Tourism and Investment, was speaking with RN Drive. Asked if had any regrets in light of testimony… Read More »Banking Royal Commission funding coming from enforcement budget

90% of SMSF set up advice doesn’t comply with best interest duty, ASIC finds

The Banking Royal Commission has commenced hearings into superannuation. Around 90% of advice to establish an SMSF doesn’t comply with the best interest duty, ASIC has told the banking Royal Commission based on a yet to be published investigation. Deputy Chair of ASIC Peter Kell told the Royal Commission into… Read More »90% of SMSF set up advice doesn’t comply with best interest duty, ASIC finds

3 ways SMSFs could still be dragged into the banking Royal Commission

The Banking Royal Commission has commenced hearings into superannuation. SMSFs are meant to be excluded from the banking Royal Commission, but there are three ways they could still be dragged in according to the chair of the SMSF Association. The Prime Minister, when announcing the banking Royal Commission, said it… Read More »3 ways SMSFs could still be dragged into the banking Royal Commission

Criticism of super in banking RC “misguided and unwarranted”: Minister

The Banking Royal Commission has commenced hearings into superannuation. Criticism that superannuation and insurance is to be including in the Royal Commission into Misconduct in the Bank, Superannuation and Financial Services Industry is “misguided and unwarranted”, says Minister for Revenue and Financial Services Kelly O’Dwyer. The industry super sector in… Read More »Criticism of super in banking RC “misguided and unwarranted”: Minister

Super industry welcomes Royal Commission into banks, but not into superannuation

The Banking Royal Commission has commenced hearings into superannuation. The superannuation industry has, broadly, welcomed the Royal Commission into the banks, while being displeased that it will extend to superannuation. The joint statement from the PM and the Treasurer said that the Royal Commission into Misconduct in the Banking, Superannuation… Read More »Super industry welcomes Royal Commission into banks, but not into superannuation