RC probes causes of misconduct
Two of the big four banks, Macquarie Group and the Australian Securities and Investments Commission (ASIC) will be in the spotlight as the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry resumes its hearings in Sydney today.
Representatives of the Commonwealth Bank, Westpac, Macquarie Group and ASIC will be questioned as the Royal Commission moves on to the policy elements of its processes this week, before it continues hearings in Melbourne a week later.
The latest round of public hearings will have a focus on the causes of misconduct and conduct falling below community standards and expectations and on what can be done to fix the situation via regulatory reform.
The Commission’s outline of the latest hearings said those entities likely to be questioned or otherwise dealt with over the next fortnight would include:
- AMP Limited
- Australia and New Zealand Banking Group Limited
- Australian Prudential Regulation Authority
- Australian Securities and Investments Commission
- Bendigo and Adelaide Bank Limited
- Commonwealth Bank of Australia
- Macquarie Group Limited
- National Australia Bank Limited
- Westpac Banking Corporation
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
