Royal Commission

News, analysis and insight into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Royal Commission

ANZ CEO Shayne Elliott

ANZ chief pulled up on ‘shareholder interests’ rhetoric

ANZ CEO Shayne Elliott was called out for using shareholder duty as a reason for past indiscretions last week.
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Matt Comyn, chief executive of CBA (supplied).

Banks only scratch surface on conflicted remuneration

It took a pair of velvet gloves to force the country’s largest banks to move to change their outdated and conflicted remuneration practices.
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Urgent need for tougher trustee penalties

In the wake of Hayne’s interim report, the super sector's self-examination must include a good hard look at accountability for board members
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REST denies charged premiums breached super laws

The fund's submission to the Hayne inquiry rejects assertions that it engaged in behaviour that fell below community expectations.
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Banks will face crisp penalties not wet lettuce

The inquiry’s interim report suggests regulators will soon be tough enough to make institutions think twice about wrongdoing, Andrew Main.
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Hayne calls out regulators’ lack of action

The commissioner took ASIC and APRA to task for rarely if ever going to court against entities it accused of wrongdoing.
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More trouble expected for banks in wealth

Analysts warn investors compensation costs will rise for the big banks, following the Hayne inquiry's hotly anticipated interim report.
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Inquiry could force banks to halve dividends

SG Hiscock and Company’s Hamish Tadgell predicts findings from the Hayne Inquiry will lower dividends within institutional banking.
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Hayne report to push new ethical standard

Empowerment of individuals should be the focus of the recommendations to come out of the Hayne Inquiry says Dr Simon Longstaff argues.
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Insurance sector’s tough two weeks at royal commission

More than 300,000 possible crimes were revealed as executives from the nation’s largest insurers faced the inquiry.
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REST owns up to 184 potential crimes

The super fund blames inadequate systems that were too reliant on hardcopy claim forms for inadvertent breaches of the SIS Act.
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Life insurance after the horror stories

The industry will need to do better job of showing people why they need insurance post Hayne inquiry writes Andrew Main.
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AMP MySuper members left uninsured

Details emerge of members unknowingly without cover, being charged smokers’ premiums and more as hearings continue.
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Covert surveillance common in mental health claims

Suncorp was the most prolific user of surveillance among the big insurers; the saga of one woman’s mental health claim with TAL continues.
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TAL’s covert surveillance revealed at Hayne inquiry

TAL Group’s general manager of claims, Loraine van Eeden told the Hayne inquiry she was shocked at the treatment of a mentally ill customer.
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CommInsure used outdated definitions to reject claims

CommInsure's Helen Troup admits to the Hayne Inquiry it was motivated by "commercial considerations" in not updating medical definitions.
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More class actions against retail funds ‘within weeks’

AMP and CBA were singled out by a law firm that could file class actions in which “a third of adult Australians” could be eligible. 
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Insurance round opens with laundry list of misconduct

Counsel assisting Rowena Orr opened with insurers’ admissions of over-charging premiums, underpaying claims and much more.
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Hostplus, Catholic Super deny wrongdoing

Industry funds that came in for criticism at the inquiry state in submissions that members may well have benefited from their actions.
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Retail funds take most heat in searing closing comments

NAB came in for the harshest criticism in counsel assisting’s closing submission; meanwhile industry funds copped relatively little.
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Plans for beefed-up ASIC ‘a sensible move’

Financial Services Minister Kelly O’Dwyer says ASIC will be “embedding dedicated staff" within the big banks.
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New laws mulled to eliminate temptations

Are temptations in the super sector so unmanageable that they could warrant legislative intervention to eliminate them?
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ASIC puts banks, AMP on notice; IOOF, APRA probed

ASIC expects proceedings soon on fee-for-no-service and a long history of dealings between APRA and IOOF come in for scrutiny.
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AMP trustee admits ‘it’s not a perfect system’

Commissioner Kenneth Hayne has questioned whether the trustee overseeing AMP’s various super funds can fulfil its obligations to members.
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ANZ flouted own, regulator’s warnings on coupling products

Back in 2011, ANZ had identified an “extreme” risk in using its retail network to sell wealth products, yet the practice continued.
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Royal commission shines light on super’s ‘internal workings’

QMV superannuation lawyer Jonathan Steffanoni says the sector should take away a heightened awareness of the nature of its responsibilities.
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Hayne grills Catholic Super over failed merger

Details of a scuttled tie-up of Catholic funds and conflicts of interest at CSF emerged during the latest hearings of the Hayne inquiry.
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CFS misled members after MySuper transfer bungle

Colonial First State executive Linda Elkins admits the organisation wrote misleading communications to its members.
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Hostplus should be ‘10 times the size of AMP’: CEO

Hostplus chief David Elia passionately defended the fund's marketing and entertainment budget, saying top returns aren't enough to compete.
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NAB withheld information to avoid media fallout: commission

NAB top brass knew the compensation that was likely to be paid to members in an overcharging scandal, but withheld that data from ASIC.
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Equip Super insists on ‘rigorous’ trustee selection process

Equip Super's chair says it insists on completing a "rigorous" trustee selection process, even when it causes a merger deal to fall through.
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Assisting indigenous Australians no extra burden: QSuper

QSuper's Lyn Melcer's trip to remote indigenous communities showed her "equal isn’t the same for everybody".
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IOOF relied on member inertia, conflicted financial advisers

IOOF chief executive Chris Kelaher was confident when fronting the Hayne royal commission on Friday afternoon.
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AustralianSuper CEO Ian Silk defends donation to ad campaign

AustralianSuper's Ian Silk says the fund's donation to an ad campaign and investment in a news service were in members' best interests.
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NAB trustee prioritises bank over customers: counsel

Counsel assisting Michael Hodge has proposed that NAB trustee NULIS Nominees failed in its duty to act in the best interests of members.
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NAB questioned over timeframe for MySuper transfer

NAB trustee NULIS Nominees has rejected claims that it lagged on MySuper transfer to keep more of its members in products with higher fees.
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Superannuation sector has a bad case of TMI

The inquiry's understandable focus on fees has kept attention away from the deluge of unhelpful disclosure super funds give consumers.
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Two regulators are enough – perhaps more than enough

Outrage has spread about APRA’s apparent lack of action against underperforming funds but that doesn’t mean a new regulator is a good idea.
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NAB may face more payments over ‘plan service fee’

NAB's wealth management arm might be on the hook for another round of compensation payments.
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Super system ‘behind closed doors’: counsel

Counsel assisting Michael Hodge, QC described a lack of transparency in the super sector in his royal commission opening address.
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NAB didn’t properly advise on fees, royal commission hears

Members of an MLC super fund who paid a plan for service fee were not clearly informed of less-costly options, the Hayne inquiry has heard.
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Hayne inquiry’s scrutiny of super system begins

NAB officials are among the first in line at hearings expected to examine the multibillion-dollar industry in unprecedented detail.
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Royal commission turns attention to super industry
Accountability and access will be hot topics as the inquiry that punished the banking sector starts in on superannuation funds.

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