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Royal Commission hearings to start next month

The Royal Commission into misconduct in the banking, superannuation and financial services industry including broking will hold its initial public hearing in Melbourne next month.

The first hearing will take place at 10am on Monday, 12 February 2018, at 11 Exhibition Street in Melbourne and will be open to the public. At this hearing, the Commissioner and Senior Counsel Assisting will make short opening statements. However, no witnesses will be called.

The hearing will be streamed live through the Royal Commission’s website and a transcript will be available on this site shortly after the hearing. While the commission, led by Commissioner Kenneth Hayne, is inviting submissions from any individual or entity wishing to tell it about misconduct in the relevant industries, it has emphasised that it “cannot resolve individual disputes, fix or award compensation, or make orders requiring a party to a dispute to take or not take any action”. The commission also said that it may contact some individuals or entities that make submissions.

The government confirmed late last year that mortgage brokers would be included in the Royal Commission into alleged misconduct in Australia’s banking, superannuation and financial services industry.

The Letters Patent states that the Royal Commission will inquire into the conduct of financial services entities, “including banks, insurers, superannuation trustees, holders of Australian financial services licenses and intermediaries such as mortgage brokers”.

The Royal Commission will examine allegations of misconduct or conduct which falls below community expectations. The commission will be focused on identifying ways to ensure that Australia’s financial system continues to work efficiently, effectively and in the interests of consumers.

Commissioner Hayne is authorised to submit an interim report to the Governor-General no later than 30 September 2018, and he is required to submit a final report no later than 1 February 2019.

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