Other reforms to roll on The announcement of the Royal Commission follows a number of other measures already announced by the Government including the controversial Banking Executive Accountability Regime "BEAR" reforms, changes to product issuer accountability and new product intervention powers for the Australian Securities and Investments Commission "ASIC".
In considering each of these matters, various issues will be considered including: Specialist advice should be sought about your specific circumstances. Consumer Lending In light of emerging observations from the Royal Commission and increasing pressure on the regulator to take a tougher stance, the regulatory penalties and costs associated with remediating misconduct are only going to increase in the future.
We regard the Royal Commission as an opportunity for us to listen, to learn and to be open to making any changes necessary to ensure we continue to meet customer and community expectations. In the context of the Commission, misconduct will include conduct that: Small and Medium Enterprises The third round of hearings explored the potential misconduct of financial service organisations with respect to small and medium enterprises.
In considering these issues, the Commission must have regard to the implications of changes to any laws and the comparable position in other jurisdictions.
Powers of the Commission The Commission will be established under the Royal Commissions Act Cth and will have coercive powers to gather evidence within its terms of reference.
Draft Terms of Reference A copy of the draft terms of reference for the Commission is attached. The hearings will also consider the appropriateness of the current regulatory regime for the insurance industry. The Government has confirmed that it still intends to introduce these measures.
On 27 August the Royal Commission announced that it plans to consider case studies from four general insurance companies, including IAG. The CEOs and Chairmen of the Big 4 banks requested the Government undertake a Royal Commission in order to provide assurance on the integrity of Australian financial services.
Protiviti is well placed to assist any financial services institution to prepare for the Royal Commission with a diverse team of financial services experts. It has since undertaken a review of its add on insurance policies and agreed to offer a full or partial refund of policy premiums where customers may have paid for more cover than they needed.
We are taking a constructive and transparent approach to achieve outcomes that help our customers and communities feel safer, stronger and more confident. The need to engage openly and honestly with the regulators was also very clearly highlighted.
We are committed to working together to ensure that we act and make decisions that demonstrate we care about our customers and our people; we are proud of IAG and our service to customers, our reputation and our people; we stand up for what is right; and are driven by a desire to improve consumer outcomes.
The sudden change in approach appears to have been driven by two factors: Royal Commission Key Developments A summary of the key developments from the Royal Commission evident prior to the public hearings commencing on 13 March, It will have extremely broad powers, including the power to compel witnesses to give testimony, seize documents and records, waive legal professional privilege and hold private hearings to protect whistleblowers.
It is currently anticipated that the Commission will be required to issue its final report with findings and recommendations by February To print this article, all you need is to be registered on Mondaq.
Insights Round 4 Hearings:Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is turning its scrutiny to the insurance industry.
If the royal commission ends up. An $18 billion banking and insurance company has put its audit up for tender, and the four big four firms - Deloitte, EY, KPMG, Royal Commission insurance hearings begin. On 30th Novemberthe Federal Government announced a Royal Commission into misconduct in the Financial Services industry.
The CEOs and Chairmen of the Big 4 banks requested the Government undertake a Royal Commission in order to provide assurance on. The legal regulation of company audits in Australia has come under significant scrutiny in the past three years, prompted by some significant corporate collapses inmost notably HIH Insurance (which led to an inquiry by a Royal Commission) and mi-centre.com The royal commission has now wrapped up its investigation of inappropriate advice from financial advisers.
It will begin looking tomorrow at “improper conduct” by financial advisers, including.
The collapse of the HIH Insurance group of companies was Australia's biggest corporate failure and resulted in the incumbent Liberal Federal Government establishing a Royal Commission (RC) to investigate ‘the reasons for and the circumstances.Download