The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd).
The Governor-General issued Letters Patent which formally appoint the Royal Commissioner and outline the Terms of Reference for this inquiry.
The Commissioner, the Honourable Kenneth Madison Hayne AC QC, submitted an interim report to the Governor-General on 28 September 2018. The report was tabled by the Government on the same day (28 September 2018) and is available on the Interim Report page.
Public submissions in response to the Interim Report are now open and must submitted by 5pm on Friday, 26 October 2018.
The Commission is also accepting written submissions on policy related issues on Round 6 (Insurance). Submissions can be made from the Public submissions page and must be submitted by 12pm (noon) on Thursday, 25 October 2018.
The next round of hearings (Round 7) will focus on policy questions arising from the first six rounds. Round 7 will be held in Sydney (19-23 November 2018) and Melbourne (26 - 30 November 2018). Details about topics and case studies to be heard will be published prior to the hearings commencing.
The Commission is required to conduct an inquiry. It cannot resolve individual disputes. It cannot fix or award compensation or make orders requiring a party to a dispute to take or not take any action.
The final report is due to be submitted to the Governor-General by 1 February 2019.
View the live webcast or previous hearings.
Public submissions - Fast facts
As at 28 September 2018
Top 3 – submissions by industry
Main nature of dealings
| Banking 61%
Financial advice 9%
Small business finance