Standing Economics Committee to expand inquiry into financial services sector and Royal Commission implementation

The Government has asked the House of Representatives Standing Committee on Economics to inquire into progress made by relevant financial institutions in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The inquiry’s remit has also been expanded to include other major relevant financial institutions and leading financial services associations.

The Royal Commission highlighted widespread misconduct across the financial sector. Commissioner Hayne made clear that primary responsibility for misconduct in the financial sector lies with the institutions concerned and their boards and senior management.

Of the 76 recommendations made by Commissioner Hayne, ten were directed to the financial services industry.

This inquiry will help provide further transparency to the public on the work financial institutions are undertaking to implement recommendations from the Royal Commission.

The Government has asked the inquiry to commence as soon as possible.

The Government is taking action on all 76 recommendations contained in the Final Report of the Royal Commission.

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Source: The Commonwealth of Australia