Regulators, AMP and banks next to front RC

AMP Limited and the major banks will be the major focus of the Royal Commission’s seventh round of public hearings beginning in Sydney on 19 November.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry announced that the entities it intended to deal with respect to policy approach and regulatory reform were:

• 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

The Royal Commission said the hearings would focus on the causes of misconduct and conduct falling below community standards and expectations including culture, governance, remuneration and risk management practices and on possible responses including regulatory reform.

It said the hearings would consider the role of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority in supervising the actions of financial services entities, deterring misconduct by those entities and taking action when misconduct may have occurred.