Organisation
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the former Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd) to enquire into misconduct in the banking, superannuation and financial services industry.
The Governor-General issued Letters Patent which formally appointed High Court Judge the Honourable Kenneth Madison Hayne AC QC as the Royal Commissioner and outlined the terms of reference for the inquiry.
The Commissioner submitted his final report to the Governor-General on 1 February 2019. The final report was tabled in the Australian Parliament on 4 February 2019.
Briefing paper
Reforms to general and life insurance: background paper 27
At the request of the Royal Commission, this paper discusses recent and prospective reforms affecting the general and life insurance sectors. Many of the reforms enhance ASIC’s oversight and capacity to intervene in the industry.
Briefing paper
Group life insurance: background paper 28
An important feature of the modern life insurance market is that all products, except trauma or critical illness insurance, are sold both on an individual basis as well as a group basis. There are three sectors or sales channels for life insurance: through an advice provider (retail); directly from an insurer (direct); or through their...
Briefing paper
Life insurance: background paper 29
Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.
Technical report
Legal framework governing aspects of the Australian superannuation system: background paper 25
The purpose of this report is to explain aspects of the legal framework for the Australian superannuation system, focusing on the rules that govern the use of members’ funds by trustees and other professional financial services providers in the superannuation system. It also deals briefly with advice in superannuation, and member dispute resolution.
Submission
Submission on key policy issues: background paper 24
In this submission, the Department of the Treasury does not make recommendations, but seeks to set out the issues involved, the current regulatory framework and how it developed, and the trade-offs involved in various responses to matters currently being considered by the Royal Commission.