The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was announced in November, 2017. It is expected to start early 2018 with a 12 month time frame to complete its inquiries. The Government has initiated this Banking Royal Commission with the goal of strengthening the industry and to keep Australian banks accountable to the Australian public.
Consumer interactions with banks should be conducted honestly and fairly which unfortunately has not been the case. Discussion regarding the need for this inquiry sparked as a result of several cases of misconduct by major banks such as ANZ, NAB and Westpac. This has resulted in controversy and distrust of the banking sector. In response, the major banks have written to Treasurer Scott Morrison requesting an inquiry to be conducted with the aim of rebuilding confidence in the industry.
The draft terms of reference include inquiry into:
- The nature, extent and effect of misconduct by financial services entities;
- Any conduct of financial services entities that fall below community standard expectations;
- Unauthorised use of members’ superannuation savings;
- Industry cultural trends;
- The effectiveness of existing accountability mechanisms;
- The adequacy of existing laws that govern the regulation of the industry; and
- Recommendations for changes that should be made to improve regulation of the industry.
With almost a decade of expertise in representing clients in Royal Commissions, O’Brien Solicitors is ready to advocate for individuals who have been victims of misconduct within the banking industry. Peter O’Brien firmly believes that consumers should be treated fairly by financial institutions and is available to assist you with your concerns regarding the Royal Commission.
Contact us today if you need a lawyer for the Banking Royal Commission.