The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will hold a public hearing in Melbourne on the 12th of February, 2018, almost two months after its draft terms were announced by the Prime Minister Malcolm Turnbull.
The Royal Commission was established in December of 2017 by the Governor-General of the Commonwealth of Australia, General Sir Peter Cosgrove amid fears that some banks in Australia had been involved in mortgage fraud, money laundering and life insurance improprieties.
At this hearing, the Commissioner and Senior Council Assisting will make opening statements. The hearing will be streamed live via the Royal Commission’s website and a transcript will be made available on the Digital Finance Analytics (DFS) website shortly after the hearing.
The Honourable Kenneth Hayne, a former High Court Judge, was named Royal Commissioner by the Turnbull government last year. He will lead the year-long, wide-ranging probe into Australia’s finance industry.
No witnesses will be called and the hearing will be open to the public although seating will be limited.
A statement from the office of Prime Minister Turnbull, said: “Our approach to banking and financial services reform has focussed on ensuring that our financial system is resilient, efficient and fair.
“We have moved to establish a new one-stop shop to resolve customer complaints; significantly bolstered the Australian Securities and Investments Commission’s powers and resources; created a framework to hold banking executives accountable for their actions; and acted to boost banking and financial services competition for the benefit of customers.
“The Inquiry will consider the conduct of banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). It will also consider how well-equipped regulators are to identify and address misconduct. It will not inquire into other matters such as financial stability or the resilience of our banks.”