{"id":39162,"date":"2017-11-30T10:32:46","date_gmt":"2017-11-29T23:32:46","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=39162"},"modified":"2017-11-30T11:08:22","modified_gmt":"2017-11-30T00:08:22","slug":"government-calls-royal-commission-into-banking-and-financial-services","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/11\/30\/government-calls-royal-commission-into-banking-and-financial-services\/","title":{"rendered":"Government Calls Royal Commission into Banking and Financial Services"},"content":{"rendered":"<p>The Federal Government has announced that it will establish a Royal Commission into alleged misconduct of Australia\u2019s banks, and that it will also cover life insurers and other financial services providers.<!--more--><\/p>\n<figure id=\"attachment_36990\" aria-describedby=\"caption-attachment-36990\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/05\/Scott-Morrison.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-36990\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/05\/Scott-Morrison.jpg\" alt=\"\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-36990\" class=\"wp-caption-text\">Federal Treasurer, Scott Morrison<\/figcaption><\/figure>\n<p>In a media release, Federal Treasurer, <strong>Scott Morrison<\/strong> said the inquiry would examine the conduct of banks, insurers, financial services providers and superannuation funds, and\u00a0how well equipped regulators are to identify and address misconduct.<\/p>\n<p>According to the terms of reference released by the Treasurer, the Royal Commission will examine &#8220;the nature, extent and effect of misconduct by a financial services entity, including by its directors, officers or employees, or by anyone acting on its behalf&#8221;.<\/p>\n<p>Also under examination will be &#8220;any conduct, practices, behaviour or business activity by a financial services entity that falls below community standards and expectations&#8221;.<\/p>\n<h6>&#8220;We will ensure that the Inquiry will not defer&#8230;any proposed or announced policy, legislation or regulation that we are currently implementing.&#8221;<\/h6>\n<p>Morrison said the reason for establishing the Royal Commission was due to &#8220;ongoing speculation and fear-mongering&#8221; about any form of examination of the banking sector which was &#8220;&#8230;disruptive and risks undermining the reputation of Australia\u2019s world-class financial system&#8221;.<\/p>\n<p>&#8220;This will be a sensible, efficient and focussed inquiry into misconduct and practices falling below community standards and expectations,&#8221; he said.<\/p>\n<p>&#8220;We will ensure that the Inquiry will not defer, delay or limit, in any way, any proposed or announced policy, legislation or regulation that we are currently implementing,&#8221; Morrison added.<\/p>\n<p>The move by the Federal Government follows a call by the heads of the major banks for the establishment of an inquiry, overturning their past opposition of an examination of their activities.<\/p>\n<p>The Royal Commission will be headed by a\u00a0serving or former judicial officer appointed by the Government.<\/p>\n<p>The Commission will be required to provide an interim report by September 2018 and a final report, with recommendations, within 12 months of its establishment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government has announced that it will establish a Royal Commission into alleged misconduct of Australia\u2019s banks, and that it will also cover life insurers and other financial services providers.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,8],"tags":[],"class_list":["post-39162","post","type-post","status-publish","format-standard","category-breaking","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=39162"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39162\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=39162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=39162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=39162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}