Published by Money Management – 6th Nov 2018
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.
