The initial public hearing of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry took place on Monday 12 February 2018 in Melbourne. Background
A transcript of the initial hearing is now available on the Royal Commission website.
Of particular interest was the Commissioner’s comments in relation to certain banks requesting additional time to prepare a response to the Commissioner’s request for information:
“That a request for details of events of misconduct as defined in the terms of reference identified during the last five years cannot be met within the time sought, even though the initial request for that information was made approximately two months ago, is itself a matter to which further attention may have to be given. Whether it is will be a matter for debate at a later time.”
The first round of hearings will commence in March.
The focus for the first round of hearings will be on consumer lending practices for home and car loans and credit cards, including inappropriate or unsuitable lending.
The Commission has also published its first background paper on its website. This paper provides information about features of the Australian Banking Industry.
The Commission will produce a series of research papers which will be released over the course of the year. Some of these papers will be factual examinations of sectors or markets within the financial services industry. Others may concern issues of regulatory structure, policy or, perhaps, potential law reform. The content of the published research papers may find reflection in the final report. To the extent that the papers concern matters of potential reform, comment will be called for at the time the paper is released. No comment will be sought in respect of purely factual papers.