(d) whether any findings in respect of the matters mentioned in paragraphs (a), (b) and (c): (c) whether the use by financial services entities of superannuation members’ retirement savings, for any purpose, does not meet community standards and expectations or is otherwise not in the best interests of those members
(b) whether any conduct, practices, behaviour or business activities by financial services entities fall below community standards and expectations
(a) whether any conduct by financial services entities (including by directors, officers or employees of, or by anyone acting on behalf of, those entities) might have amounted to misconduct and, if so, whether the question of criminal or other legal proceedings should be referred to the relevant Commonwealth, State or Territory agency NOW THEREFORE We do, by Our Letters Patent issued in Our name by Our Governor-General of the Commonwealth of Australia on the advice of the Federal Executive Council and under the Constitution of the Commonwealth of Australia, the Royal Commissions Act 1902 and every other enabling power, appoint you to be a Commission of inquiry, and require and authorise you, to inquire into the following matters: The highest standards of conduct are critical to the good governance and corporate culture of those providers.ĪND these standards should continue to be complemented by strong regulatory and supervisory frameworks that ensure that all Australian consumers, including business, have confidence and trust in the financial system. The superannuation system alone in Australia has created more than a $2 trillion retirement savings pool, which continues to grow rapidly and which compels all working Australians to defer income today for their retirement.ĪND all Australians have the right to be treated honestly and fairly in their dealings with banking, superannuation and financial services providers. WHEREAS Australia has one of the strongest and most stable banking, superannuation and financial services industries in the world, which performs a critical role in underpinning the Australian economy.ĪND Australia’s banking system is systemically strong with internationally recognised and world’s best prudential regulation and oversight.ĪND most Australians are consumers of banking, superannuation and other financial services. The Honourable Kenneth Madison Hayne AC QC The terms under which the Coat of Arms can be used are detailed on the Department of the Prime Minister and Cabinet website (ContentsĪppendix 7: Background Papers and Research Paper 117ĮLIZABETH THE SECOND, by the Grace of God Queen of Australia and Her other Realms and Territories, Head of the Commonwealth:
The terms under which the Coat of Arms can be used are detailed on the Department of the Prime Minister and Cabinet website (The details of the relevant licence conditions are available on the Creative Commons website as is the full legal code for the CC BY 4.0 licence
The details of the relevant licence conditions are available on the Creative Commons website as is the full legal code for the CC BY 4.0 licence (Use of the Coat of Arms With the exception of the Coat of Arms and where otherwise stated, all material presented in this publication is provided under a Creative Commons Attribution 4.0 International licence (For the avoidance of doubt, this means this licence only applies to material as set out in this document. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Misconduct in the banking, superannuation and financial services industry-Royal Commission-Final report-Volume 3: Appendices