News

News update: 5 November 2018

Round 7 hearings

Round 7 will commence on 19 November 2018 and conclude on 30 November 2018. Hearings will be held in Sydney (19-23 November) and Melbourne (26 - 30 November).

The purpose of Round 7 is to provide the Commissioner with an opportunity to explore with senior executives from certain financial services entities, and the regulators of those entities, some of the policy issues identified in the Interim Report, and following Rounds 5 and 6 of the public hearings.

There will be no process for further submissions to be lodged following the conclusion of Round 7 and there will be no process for applications for leave to appear.

For more information on procedures for Round 7, please refer to Practice Guideline 5 - Round 7 hearings

News update: 23 October 2018

Public submissions closing this week

Public submissions in response to Round 6 (Insurance) and the Interim report close this week:

  • Insurance – 12pm (Noon), Thursday 25 October 2018
  • Interim report – 5pm, Friday 26 October 2018

If you wish to make a submission and have not yet done so, we encourage you to do so by visiting the Public Submissions page.

News update: 18 October 2018

Public submissions - Insurance and Interim report

The Commission is currently accepting submissions in response to Round 6 (Insurance) and the Interim report.

Submissions closing dates are:

  • Insurance – 12pm (Noon), Thursday 25 October 2018
  • Interim report – 5pm, Friday 26 October 2018

For more information and to make a submission, visit the Public Submissions page.

News update: 26 September 2018

Updated timing for responding to policy issues raised in Round 6

The policy related issues arising from Round 6 (Insurance) of the public hearings have been published on the Commission's website today.

As a result of the policy related issues being made available to the public earlier than anticipated, the time for responding to those issues has also been brought forward.

Any person who wants to provide submissions about the policy issues arising from Round 6 will have until 12 noon, Thursday 25 October 2018 to do so. Those submissions should address only those policy questions arising from Round 6 of the public hearings.

News update: 24 September 2018

The opportunity to make a submission about past conduct will finish at 5pm, Friday 28 September.

Submissions about past conduct can be made on the public submissions page and should be lodged as soon as possible.

Additional opportunities to respond to Round 6 (Insurance) and the interim report (once released) will be communicated in due course.

News update: 17 September 2018

This is a reminder that submissions in response to superannuation will close on Friday 21 September. Those wishing to make a submission are encouraged to do so as soon as possible using the links below.

Submissions on past conduct will close Friday 28 September.

Submission type Description Closing date Make a submission
Superannuation
(closing in 5 days)
For submissions from the public in response to policy issues relating to the superannuation industry (Round 5). 5pm, Friday 21 September 2018 To make a Round 5 submission on Superannuation click here.
Past conduct For submissions from an individual or entity about past conduct. 5pm, Friday 28 September 2018 To make a submission about past conduct click here.

News update: 3 September 2018

Reminder - Public submission closing dates for September

A general reminder that submissions in response to superannuation and past conduct will close in September. Those wishing to make a submission are encouraged to do so as soon as possible. Please note the two different closing dates below.

Submission type Description Closing date Make a submission
Superannuation The Commission is accepting submissions from the public in response to policy issues relating to the superannuation industry (Round 5). 5pm, Friday 21 September 2018 To make a Round 5 submission on Superannuation click here.
Past conduct The online form for submissions allows an individual or entity to make a submission to the Commission about past conduct. 5pm, Friday 28 September 2018 To make a submission about past conduct click here.

News update: 17 August 2018

Online submission form closes 28 September, 2018

The online form for making a public submission will close on Friday 28 September 2018.  Those wishing to share their stories about past experiences are encouraged to make their submission as soon as possible.

The Commission appreciates the engagement from consumers, organisations and experts in this process.

After submissions close on 28 September 2018, the Commission will shift its attention from past experiences to proposals on what should be done in response to the issues raised or conduct uncovered within the banking, superannuation and financial services industry.

Parties and the public will have the opportunity to respond to policy issues raised in Round 5, Round 6 and the interim report. Details of opportunities to make a submission and due dates will be published on this website and communicated through our mailing list in the near future.

If you have not already done so, please subscribe to receive updates from the Royal Commission.

News update: 20 July 2018

Opportunity to respond to the interim report (Rounds 1-4)

The Letters Patent for the Financial Services Royal Commission authorises the Commissioner to submit an interim report to the Governor-General not later than 30 September 2018. The Commissioner intends to submit an interim report by this date.

The interim report is expected to identify a number of policy related issues arising from the Commission's public hearings to date, which have considered the following topics:

  • Round 1 - Consumer lending
  • Round 2 - Financial advice
  • Round 3 - Loans to small and medium enterprises
  • Round 4 - Experiences with financial services entities in regional and remote communities.

The public will be invited to make submissions on policy issues raised in the interim report.

The due date for submissions in response to the interim report will be four weeks after the interim report is tabled in Parliament. The Commission will formally announce the due date for submissions once the interim report is tabled.

The complete list of policy related issues will be made available following presentation of the report to the Governor-General and tabling in Parliament.

Those interested in commencing work on a submission in advance of the interim report being made available may wish to do so based on the issues already identified at the conclusion of each of the first four hearing rounds.

Opportunity to respond to policy issues to be raised in Round 5 (Superannuation) and Round 6 (Insurance)

The interim report will not cover topics arising in the following rounds:

  • Round 5 - Superannuation (6 August - 17 August 2018)
  • Round 6 - Insurance (10 September - 21 September 2018)

At the conclusion of each of those hearing rounds, policy related issues will be identified and public submissions will be invited. Those interested will have four weeks to make a submission.

A further hearing round to consider the policy questions will be held 19 November - 30 November 2018.

Online submission form closing date

The Commission continues to welcome submissions from the public using the online form that has been available on its website since January 2018. However, the online form for making public submission will close on Friday 28 September 2018.

This form has so far enabled 7337 submissions from members of the public and organisations to inform the Commission's work by outlining their past experiences of misconduct or conduct falling below community standards by financial services entities.

The Commission appreciates the engagement from consumers, organisations and experts with this process.

Those still wishing to share their stories, including those with experiences relating to the superannuation or insurance industry, are encouraged to make their submission as soon as possible.

After submissions close on 28 September 2018, the Commission will shift its attention from past experiences to proposals on what should be done in response to the issues raised or conduct uncovered within the banking, superannuation and financial services industry.

Parties and the public will have the opportunity to respond to policy issues raised in Round 5, Round 6 and the interim report. Details of opportunities to make a submission and due dates will be published on this website and communicated through our mailing list in the near future. If you have not already done so, please subscribe to receive updates from the Royal Commission.

Timeline

The below timeline is indicative only and is subject to change.

Timeline Details Opportunity to respond and due date
6 - 17 August 2018 Round 5 - Superannuation Public submissions will be invited at the conclusion of Round 5, Round 6 and after tabling of the interim report.
Those wishing to submit will have approximately four weeks to provide their submission.
10 - 21 September 2018 Round 6 - Insurance
By 30 September 2018 Interim report submitted
28 September 2018 Online public submissions close This form is currently available for submissions.
October 2018 Commission reviewing submissions  
19-30 November 2018 Round 7 - Consideration of policy issues  
1 February 2019 Final report submitted