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
Key reforms in the regulation of financial advice: background paper 8
Financial advice can play an important role for consumers - access to affordable, quality financial advice can bring significant benefits to consumers and help them to make informed decisions. This resource focuses on the reforms affecting the regulation of financial advice since 2007.
Briefing paper
Some features of the Australian financial planning industry: background paper 6 (Part A)
This background paper provides information about the key participants in the Australian financial planning industry, some features of this industry, the main services offered by financial planners and advisers, as well as an outline of a selection of regulatory issues.
Briefing paper
Education and training requirements for financial advisers: background paper 6 (Part B)
This background paper explains both the current education and training requirements for financial advisers or financial planners and the key aspects of recent reforms in this area. This paper has been prepared using publicly available information.
Briefing paper
Financial products available to retail investors: background paper 6 (Part C)
This background paper outlines the main categories of financial products available to retail investors, the size of retail investment in the main categories of financial products held by Australian retail investors and the ways in which retail investors are protected, including prohibitions and restrictions on retail investment in particular financial products.
Technical report
Legal framework for the provision of financial advice and sale of financial products to Australian households: background paper 7
This technical paper has been prepared for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industries. Its purpose is to explain in general terms the legal framework within which financial advice is provided, and financial products are sold, to Australian households.