The Royal Commission (or, to give it its full name – the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry) was first established on 14 December 2017, with its findings that followed regularly gaining media attention. So far the Royal Commission has looked into submissions from the public regarding mortgages, car finance, credit cards, add-on insurance, financial advice, small business lending, farming finance and interactions between Aboriginal and Torres Strait Islander people and financial services entities. It is currently looking at the superannuation industry, specifically how the structure and governance of super funds may impact outcomes for customers, along with potential conflicts of interest.
In the explainer video below, our Group Executive, Financial Services Stephen Mickenbecker talks about the basics to do with the Royal Commission, discussing some of its key details including why it was set up, what it’s been tasked with doing, and the amount of time and money it’s expected to take up.
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