Prime Minister Malcolm Turnbull has announced that a Royal Commission will be set up to look into the alleged misconduct of banks and financial services providers, including insurers. It will also consider whether regulators are currently sufficiently well equipped to identify and address misconduct in this sector. The aim is to ensure that the financial system is efficient, effective and fair with greater accountability. This in turn will result in long term stability, growth, efficiency and innovation.
For further details, please see the Prime Minister’s press release and draft terms of referencehere