News

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