AMP to face another Royal Commission grilling

AMP Limited, the National Australia Bank (NAB) together with ANZ, Bendigo Bank and the Australian Prudential Regulation Authority (APRA) will be the focus of attention for the Royal Commission’s final week of hearings starting in Melbourne today.

With the chairman of the Australian Securities and Investments Commission (ASIC), James Shipton having been the subject of an intense grilling on Thursday and Friday, much attention is expected to turn to the most senior executives and board members of NAB and AMP over the next two days.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is scheduled to deliver its final findings and recommendations to the Government in February unless an extension is sought by the Commissioner, Kenneth Hayne.

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The nature of the relationship between ASIC and the major banks and financial institutions became the focal point of the questioning of ASIC’s James Shipton on Thursday and Friday, and a similar approach is expected when APRA chairman, Wayne Byres takes the stand.

The Royal Commission has made clear that the current round of hearings is intended to consider the role of ASIC and APRA in supervising the actions of financial services entities, deterring misconduct in those entities, and taking action when misconduct may have occurred.

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