By David Jacobson The Government has announced a Royal Commission into the alleged misconduct of Australia’s banks and other financial services entities.
Retired High Court Judge Kenneth Hayne will be appointed as the Commissioner.
The Royal Commission’s proposed terms of reference are not limited to the major banks; it includes all authorised deposit-taking institutions (including Macquarie Bank, regional banks, mutual banks, credit unions and building societies), insurers, Australian financial services licensees and superannuation funds (not including self-managed superannuation funds).
“Misconduct” includes conduct that:
a) constitutes an offence against a Commonwealth, State or Territory law in relation to the provision of a financial service, as existed at the …read more
Source:: Bright Law