Banking royal commission: How did we get here?
7 years, 4 months ago

Banking royal commission: How did we get here?

ABC  

The Prime Minister said it wouldn't happen, but it has. The inquiry Turnbull was forced to have Photo shows Malcolm Turnbull frowns, with his eyes cast downward, at a press conference in a courtyard The PM has spent a year-and-a-half stridently opposing calls for a royal commission into the banks, but in the end, resistance was futile. The big four banks' profits will also be affected by the Federal Government's levy, which taxes their debts above $100 billion at a 0.06 per cent annual rate. "In light of the latest wave of speculation about a parliamentary commission of inquiry into the banking and finance sector, we believe it is now imperative for the Australian Government to act decisively to deliver certainty to Australia's financial services sector, our customers and the community." The letter acknowledges the previous position of the big four banks that an inquiry like this would be, "unwarranted … costly and unnecessary distractions".

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History of this topic

Did the royal commission fix banking or are banks back to behaving badly?
2 years, 4 months ago

Did the royal commission fix banking or are banks back to behaving badly?

ABC  

This coming week, it has been five years since then-prime minister Malcolm Turnbull announced a royal commission into scandals and misconduct in the banking industry. The latest estimate from regulator the Australian Securities and Investments Commission is mind-boggling: A share of more than $3.6 billion has been paid back to more than 1.4 million customers for 'fees for no service' …

ASIC launches last banking royal commission case, but almost half did not make it to court
3 years, 3 months ago

ASIC launches last banking royal commission case, but almost half did not make it to court

ABC  

Regulator ASIC has launched its final case coming out of the banking royal commission, closing the door on any more court action for banks that ripped billions of dollars from customers. When royal commissioner Kenneth Hayne's final report came out nearly three years ago, it referred 13 cases to the Australian Securities and Investments Commission for investigation. Predictions come true …

How will the findings of the banking Royal Commission affect me?
6 years, 1 month ago

How will the findings of the banking Royal Commission affect me?

ABC  

After 68 days' worth of evidence, and more than 10,000 public submissions, the final report of the Royal Commission into the financial sector was released on Monday. Given the Royal Commission had more than 10,000 public submissions, and a further 12,800 calls and emails while the hearings were being held, we can pretty accurately say that a lot of you …

Post royal commission report, banks will start a new lobbying campaign — but customers pick up the bill
6 years, 1 month ago

Post royal commission report, banks will start a new lobbying campaign — but customers pick up the bill

ABC  

The verdict is in and the sentence delivered. But the fallout from the Hayne Royal Commission's explosive report into the state of Australia's financial services sector will reverberate through the community and the economy for years. Rather than a radical overhaul, however, or a massive restructure of the system, the royal commission has taken aim exactly where it will hurt …

Banking industry braces for the 'live possibility' the royal commission will recommend charges
6 years, 2 months ago

Banking industry braces for the 'live possibility' the royal commission will recommend charges

ABC  

The banking industry's chief lobbyist concedes that civil or criminal referrals to Commonwealth prosecutors are a live possibility, when the final report of the banking royal commission is released on Monday. Key points: Australian Banking Association says its members have heard the commission's message "loud and clear" CEO Anna Bligh would not be drawn on whether shareholder money would be …

The banking royal commission must answer these questions to fix Australia's broken system
6 years, 2 months ago

The banking royal commission must answer these questions to fix Australia's broken system

ABC  

What can we expect in the final report of the banking royal commission, to be handed to the Governor-General this Friday? The commission travelled around the country and even beyond the realm of the living — you might recall that the Commonwealth Bank, and others, charged dead people money for "personal advice". Hayne's interim report Photo shows The big four …

Banking royal commission summed up in NAB's befuddled performance
6 years, 4 months ago

Banking royal commission summed up in NAB's befuddled performance

ABC  

It has been a year of dragging out the dirty laundry of Australia's banks: appalling scandals, executive inaction and bad decisions that hurt customers. CEO Andrew Thorburn and chair Ken Henry were both witnesses this week, offering starkly different takes on the harsh sunlight filtering through to previously opaque banking practices. After a parliamentary inquiry in Canberra this year, Mr …

Banking royal commission prompts $51.5m funding boost to hear cases, new enforcement body
6 years, 4 months ago

Banking royal commission prompts $51.5m funding boost to hear cases, new enforcement body

ABC  

Commonwealth prosecutors and the Federal Court will be given a $51.5 million funding boost to turn up the heat on bankers and financial institutions accused of criminal or civil misconduct emerging from the financial services royal commission. Key points: Commonwealth Director of Public Prosecutions will get $41.6m and Federal Court will get $9.9m The move is in anticipation of "an …

Banking royal commission: The financial sector's descent to the fourth circle of hell
6 years, 6 months ago

Banking royal commission: The financial sector's descent to the fourth circle of hell

ABC  

Forget purgatory, Australia's financial sector is currently rooted in the fourth circle of hell — the spot reserved for those being punished for greed and indifference to the plight of others. PM Malcolm Turnbull tells Labor to drop banking royal commission push August 26, 2016 Throughout 2016, then-prime minister Malcolm Turnbull rubbished Opposition Leader Bill Shorten's calls for banking royal …

Banking royal commission interim report released; blames greed for misconduct
6 years, 6 months ago

Banking royal commission interim report released; blames greed for misconduct

ABC  

The banking and financial services royal commission has released its interim report, covering consumer lending, financial planning, business lending, farm finance and Indigenous finance. Key points: Banking staff performance measured and rewarded based on profit and sales, Commissioner Hayne says He says regulators also failed to check the financial sector's greed Commissioner Hayne asks whether existing laws should be simplified …

Backstory: Cutting through corporate jargon to make sense of the banking royal commission
6 years, 7 months ago

Backstory: Cutting through corporate jargon to make sense of the banking royal commission

ABC  

Business reporter Daniel Ziffer explains the challenges journalists faced reporting on complex financial matters raised at the banking royal commission. When I was told I'd be covering the banking royal commission I knew it would be interesting, but I struggled to see how much dirt it could dig up after more than 70 relatively recent inquiries and reviews from parliamentary …

Banking Royal Commission: banks' misconduct, not Kenneth Hayne's inquiry, behind lack of confidence in sector
6 years, 7 months ago

Banking Royal Commission: banks' misconduct, not Kenneth Hayne's inquiry, behind lack of confidence in sector

ABC  

Banking royal commissioner Kenneth Hayne, it seems, has a great deal to answer for. Tech entrepreneur Christian Beck, reputedly worth $775 million, claimed he was knocked back on a $6 million loan from an unnamed bank or banks, despite offering one of his multi-million dollar properties as collateral. "The royal commission has done the west no favours as banks tighten …

Malcolm Turnbull concedes banking royal commission should have been called sooner
6 years, 11 months ago

Malcolm Turnbull concedes banking royal commission should have been called sooner

ABC  

Malcolm Turnbull says in hindsight it would have been better for the Government to have set up a banking royal commission two years ago. Key points: After two years of argument, the Government called a banking royal commission late last year PM says he should have established one sooner, having now seen some of the evidence to emerge He has …

Malcolm Turnbull admits banking Royal Commission was years overdue
6 years, 11 months ago

Malcolm Turnbull admits banking Royal Commission was years overdue

Daily Mail  

Malcolm Turnbull has admitted a banking royal commission two years ago would have been a better move politically. Malcolm Turnbull has admitted a banking royal commission two years ago would have been a better move politically 'I made the decision not to proceed with a Royal Commission at that time,' Mr Turnbull told reporters in Berlin. After receiving a letter …

Banking royal commission has some thinking it's the customer's fault. Here's why they're wrong
7 years ago

Banking royal commission has some thinking it's the customer's fault. Here's why they're wrong

ABC  

After two weeks of testimony in the banking royal commission, we've heard many stories of loss and hardship but not everyone has empathy for those who have found themselves in financial trouble. While the disclaimer statement on the commission's home webpage clearly explains that its role is not to "resolve individual disputes", its terms of reference are also very clear: …

What can the Royal Commission do if the banks don't play ball on evidence?
7 years ago

What can the Royal Commission do if the banks don't play ball on evidence?

ABC  

At the first round of hearings of the Financial Services Royal Commission, the counsel assisting, Rowena Orr, QC, was unimpressed with the material some of the banks have provided. Using this power, it could make key personnel within the banks attend the royal commission and answer questions about the bank's conduct. What the commission can ask for Quite apart from …

Banking royal commission set to hear first witness testimony
7 years ago

Banking royal commission set to hear first witness testimony

ABC  

The royal commission into the financial services sector starts hearing its first witnesses on Tuesday. The first public hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will focus on consumer lending: the area where most Australians encounter banks. The commission says some of the case studies that Commissioner Kenneth Hayne will examine over …

What we did (or didn't) find out about the banking royal commission
7 years, 1 month ago

What we did (or didn't) find out about the banking royal commission

ABC  

Commissioner Kenneth Hayne QC on Monday opened the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. We heard the banks might miss a deadline to provide additional information on misconduct, people who broke confidentiality agreements to give evidence or make submissions will be protected from legal action and that the royal commission doesn't have a lot …

Royal commission told banks are fielding so many misconduct claims they'll miss reporting deadline
7 years, 1 month ago

Royal commission told banks are fielding so many misconduct claims they'll miss reporting deadline

ABC  

Some of Australia's big banks will fail to meet a deadline for the royal commission tomorrow because of the vast amount of material about possible misconduct that they have to get through, Commissioner Kenneth Hayne QC says. Key points: Banks likely to miss Tuesday deadline to hand over further information on misconduct Commissioner warns financial institutions against taking legal action …

Banking royal commission to invite victims to submit stories
7 years, 2 months ago

Banking royal commission to invite victims to submit stories

ABC  

Victims of bad bank behaviour will be called on to share their stories, the financial services royal commission has confirmed. "The commission has written to a range of entities in the banking, superannuation and financial services sectors as well as consumer advocates and regulatory bodies seeking information about matters raised in the terms of reference," a spokesperson for the royal …

Banking royal commission: Fears customers are being shut out from having their say
7 years, 2 months ago

Banking royal commission: Fears customers are being shut out from having their say

ABC  

It has been six weeks since the financial services royal commission was announced, but victims of bank misconduct remain in limbo about when, how, and even if they can have their voices heard. Key points: Royal commission website has no way for members of the public to lodge complaints ACTU says call centre was operational within two weeks of unions …

Banking royal commission could be a superannuation sting that backfires
7 years, 3 months ago

Banking royal commission could be a superannuation sting that backfires

ABC  

More a tactical retreat. Why the banks hate not for profit super funds Each week, almost 10 per cent of every worker's salary is directed straight into the arms of the superannuation industry. Industry funds — bosses and workers In the past few years, the retail funds have launched a relentless campaign against industry funds, attempting to break the stranglehold …

Here's what we know about the banking royal commission
7 years, 3 months ago

Here's what we know about the banking royal commission

ABC  

Now that we've all had some space to digest Malcolm Turnbull's decision to call a royal commission into the banking sector, let's recap what we know about how it's going to work and what it will do. But, TL;DR: calls for a royal commission into the banking sector go back at least three years, when a Senate committee recommended a …

Banking royal commission: Government appoints former Judge Kenneth Hayne to lead inquiry
7 years, 4 months ago

Banking royal commission: Government appoints former Judge Kenneth Hayne to lead inquiry

ABC  

Former High Court Judge Kenneth Hayne has been appointed to head the royal commission into the banking sector. Mr Hayne, who was a Justice of the High Court for more than 17 years, will bring a "wealth of experience" to the role, Prime Minister Malcolm Turnbull said. Mr Turnbull, Attorney-General George Brandis and Treasurer Scott Morrison said Mr Hayne was …

Banking royal commission: Malcolm Turnbull hates this inquiry, but it had to happen
7 years, 4 months ago

Banking royal commission: Malcolm Turnbull hates this inquiry, but it had to happen

ABC  

In the end, resistance was futile. "While we regret the necessity of the decision, we have taken it is in the national economic interest," Mr Turnbull said. Turnbull failed to quell drumbeat of demands Prime ministerial assurances about "strong and immediate action to ensure the highest standards of conduct by banks" and the "greatest level of protection for their customers" …

Royal commission into banking: The inquiry that could kill the Government
7 years, 4 months ago

Royal commission into banking: The inquiry that could kill the Government

ABC  

The onslaught has begun. But it is the recent sacking of more than 20 National Australia Bank employees and looming court action that has the potential to get to the heart of one of the economy's major flash-points; how our banks have helped artificially inflate the property market by aggressively pushing loans on to customers. The great Australian bank subsidy …

Banking inquiry: What have we learnt and where to from here?
8 years, 5 months ago

Banking inquiry: What have we learnt and where to from here?

ABC  

The banking inquiry has laid bare a litany of examples of bad behaviour, with each of the big four plagued by their own separate scandals. The biggest news from inside the inquiry was ANZ's revelation it was considering following NAB and stopping donations to the major political parties — if anything a display of the banks taking the moral high-ground. …

Four myths busted: Why we need a banking royal commission
8 years, 7 months ago

Four myths busted: Why we need a banking royal commission

ABC  

Tens of thousands of Australians have had their lives ruined by the major banks. If there's no need for a Royal Commission because ASIC has greater powers, then why is the Turnbull Government wasting time and money on a parliamentary inquiry that has less power than both? Let's see if you can twist your mind around this: If there's no …

NAB, ANZ bosses say calls for royal commission in banking a 'serious distraction'
8 years, 11 months ago

NAB, ANZ bosses say calls for royal commission in banking a 'serious distraction'

ABC  

The bosses of Australia's biggest banks have dismissed Labor's call for a royal commission into the financial sector as the Federal Government rules out launching its own. ANZ chief executive Shayne Elliott also said there had been a number of recent inquiries into the industry and a royal commission could damage Australia's standing among global investors. Government rejects royal commission, …

Labor takes aim at big banks, promising royal commission if elected
8 years, 11 months ago

Labor takes aim at big banks, promising royal commission if elected

ABC  

Federal Opposition Leader Bill Shorten has announced an incoming Labor government would hold a royal commission into misconduct in the banking and financial services industry. Key points: Bill Shorten says "the string of scandals" in bank industry has to stop Turnbull Government urged by Shorten to also commit to royal commission MPs John Williams and Warren Entsch also support inquiry …

What is a royal commission and why does Labor want one into the banking industry?
8 years, 11 months ago

What is a royal commission and why does Labor want one into the banking industry?

ABC  

Federal Opposition Leader Bill Shorten says an incoming Labor government would hold a royal commission into misconduct in the banking industry. The shadow attorney general Mark Dreyfus has confirmed Labor's proposed royal commission would have the power to compel witnesses to attend and produce documents as required. He said it would examine issues such as: How widespread instances of illegal …

Federal Government resisting call for royal commission into ASIC and Commonwealth Bank
10 years, 9 months ago

Federal Government resisting call for royal commission into ASIC and Commonwealth Bank

ABC  

The Federal Government is resisting calls for a royal commission into the corporate watchdog and the Commonwealth Bank. "We already have a financial systems inquiry which is currently underway, so without pre-empting the Government's response, obviously that financial systems inquiry's considering the role of ASIC as part of our financial system." Scandal a 'very big wake-up call' for CBA The …

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