Financial Services Royal Commission
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Financial Services Royal Commission) was established in December 2017 and concluded in February 2019.
More information is available on the royalcommission.gov.au website
Related information
- Royal Commission Interim Report (September 2018)
- Royal Commission Final Report (February 2019)
- Summary of ASIC enforcement action (May 2022)
Media releases
This section contains:
2018
18-269MR Civil penalty action commenced against Dover Financial Advisers and director Terry McMaster
18-291MR Statement from ASIC Chair James Shipton on the Interim Report of the Financial Services Royal Commission
2019
19-020MR Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
19-035MR ASIC update on implementation of Royal Commission recommendations: see ASIC update on implementation of Royal Commission recommendations (PDF 294 KB)
19-216MR Former NAB branch manager pleads guilty to fraud
19-222MR ASIC sues NAB for dealing with unlicensed home loan introducers: Royal Commission case study
19-244MR ASIC commences court action against Select AFSL over phone sales of life insurance
19-249MR ASIC update on Royal Commission implementation: see ASIC Royal Commission implementation update (PDF 270 KB)
19-297MR ASIC takes civil penalty action against RI Advice and former Melbourne financial adviser, John Doyle: Royal Commission case study
19-357MR ASIC commences proceedings against TAL Life Limited for handling of insurance claim
19-365MR ASIC updates internal governance and accountability frameworks
2020
20-024MR AMP to pay $5.175 million penalty for failing to prevent insurance churn by its financial planners
20-034MR ASIC and APRA welcome law reform on superannuation regulator roles (see Superannuation below)
20-040MR ASIC consults on draft guidance on the new best interests duty for mortgage brokers (see Mortgage brokers below)
20-047MR ASIC update on enforcement and regulatory work
20-052MR Charges laid against former credit representative in relation to breach of ASIC banning order
20-056MR ASIC consults on proposals about advice fee consents and independence disclosure (see Advice fee consents and independence disclosure below)
20-063MR ASIC commences proceedings against CBA over the AgriAdvantage Plus Package – Royal Commission case study
20-064MR ASIC commences proceedings against CBA over the credit services provided to problem gambler – Royal Commission case study
20-065MR ASIC commenced proceedings against Colonial First State over dealings with MySuper accounts
20-076MR ASIC provides information on funeral expenses reform (see Funeral expenses below)
20-086MR Details of changes to ASIC regulatory work and priorities in light of COVID-19
20-091MR ASIC commences proceedings against Youi Pty Ltd for alleged breaches of the duty of utmost good faith
20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations (see Mortgage brokers: Best interest duty below)
20-111MR ASIC bans financial advisers
20-129MR CBA to pay $5 million over the AgriAdvantage Plus Package – Royal Commission case study
20-130MR Former financial adviser and Royal Commission witness, Sam Henderson charged with dishonesty and defective disclosure offences
20-131MR ASIC’s Interim Corporate Plan for 2020-21
20-138MR Former credit representative sentenced for breaching ASIC banning order
20-143MR ASIC sues CBA and Colonial First State for payment of banned conflicted remuneration
20-146MR ASIC publishes new regulatory guidance for mortgage brokers (see Mortgage brokers below)
20-179MR ASIC consults on proposed product intervention order for the sale of add-on motor vehicle financial risk products (see Add-on insurance below)
20-180MR Superannuation trustees compensate members wrongly classified as ‘smokers’
20-189MR ASIC commences civil penalty proceedings against StatePlus Super for charging fees for no service
20-190MR ASIC commences civil penalty proceedings against BT Funds Management and Asgard Capital Management for charging fees for no service and misleading statements
20-196MR Royal Commission witness and former financial adviser Sam Henderson pleads guilty to dishonesty and defective disclosure charges
20-211MR NAB superannuation trustee companies to pay $57.5 million penalty for fees for no service breaches
20-217MR ASIC enforcement update January to June 2020
20-227MR ASIC commences proceedings against Allianz Australia Insurance and AWP Australia for alleged misleading sale of travel insurance on Expedia websites
20-233MR Former responsible manager banned from credit activities following ASIC investigation
20-247MR NAB ordered to pay $15 million for dealing with unlicensed home loan Introducers: Royal Commission case study
20-248MR ASIC updates information sheets on new protections under the unfair contract terms laws (see Unfair contract terms below)
20-249MR Royal Commission witness and former financial adviser Sam Henderson sentenced (see also 20-130MR and 20-196MR)
20-252MR Societe Generale Securities Australia Pty Ltd receive $30,000 penalty for breaching client money rules
20-255MR ASIC Annual Report 2019-2020
20-262MR ASIC commences proceedings against ACBF Funeral Plans and Youpla Group concerning funeral expenses insurance
20-263MR CBA ordered to pay $150,000 for credit limit increase provided to problem gambler: Royal Commission case study
20-291MR ASIC consults on reference checking and information sharing protocol (see Reference checking and information sharing below)
20-300MR ASIC releases draft information sheet for insurance claims handling (see Claims handling and settling services below)
20-302MR Youi breached duty of utmost good faith – Royal Commission case study
20-305MR ASIC commences proceedings against CBA for overcharged interest – Royal Commission case study
20-307MR AAT upholds ASIC decision to refuse Allegra a licence
20-308MR ASIC consults on consumer remediation guidance (see Consumer remediation below)
20-309MR Trustees to improve occupational classification practices in insurance in superannuation
20-318MR ASIC releases technical updates to RG 246 (See Conflicted remuneration below)
2021
21-003MR ASIC approves variations to the Banking Code (See Codes of conduct below)
21-025MR CBA liable for overcharged interest – Royal Commission case study
21-029MR Criminal charges laid against Allianz and AWP alleging the making of false statements
21-032MR Former Victorian financial adviser charged with deception
21-042MR Court finds that TAL Life Limited breached its duty of utmost good faith – Royal Commission referral
21-043MR ASIC consults on implementing a deferred sales model for add-on insurance products (see Add-on insurance below)
21-058MR ASIC releases advice fee consent and lack of independence disclosure legislative instruments (see Advice fee consents and independence disclosure below)
21-065MR CBA to pay $7 million court penalty for overcharged interest – Royal Commission case study
21-067MR ASIC warns time is fast running out for insurance claims handling AFS licence applications (see Claims handling and settling services below)
21-074MR ASIC enforcement update July to December 2020
21-075MR ASIC commences proceedings against credit licensee over failure to comply with AFCA determination
21-080MR ASIC consults on draft guidance on breach reporting reforms (see Breach reporting reforms below)
21-102MR Former managing director of responsible entity of Sterling Income Trust banned for four years
21-134MR ASIC releases guidance on ongoing fee arrangements (see Ongoing fee arrangements below)
21-141MR ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law (see Superannuation entities: licensing relief below)
21-169MR ASIC secures $35 million remediation for OnePath Life customers
21-173MR ASIC finalises investigation into AMP Financial Planning ‘fees for no service’ criminal conduct
21-180MR ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers (see Reference checking and information sharing below)
21-181MR ASIC consults on draft guidance for the hawking reforms (see Hawking and Advertising below)
21-186MR BT Funds Management and Asgard Capital Management ordered to pay a $3m penalty for charging fees for no service and making misleading statements
21-189MR ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model (see Add-on insurance below)
21-194MR ASIC sues General Commercial (Urban Commercial) and Eden Capital (Southside Lending) for failure to cooperate with AFCA
21-196MR Court finds RI Advice liable for failing to supervise financial adviser following ASIC investigation
21-213MR ASIC’s approach to new laws reforming financial services sector
21-217MR CBA to publish misconduct notices for overcharging interest
21-235MR ASIC publishes guidance on breach reporting (see Breach reporting reforms below)
21-237MR Colonial First State liable for misleading superannuation members
21-251MR ASIC brings criminal charges against CBA for mis-selling consumer credit insurance
21-257MR ASIC publishes guidance on hawking reforms (see Hawking and Advertising below)
21-279MR ASIC sues former Freedom Insurance director and consultant over insurance sales incentive programs
21-340MR ASIC sues ANZ for misleading customers and failing to provide promised benefits – final Royal Commission investigation
21-363MR Operation of the Financial Services and Credit Panel
21-368MR ASIC issues information for tax financial advisers under Better Advice Act (see Tax advisers below)
2022
22-012MR RI Advice to pay $6 million penalty, John Doyle to pay $80,000 penalty: Royal Commission case study
22-023MR Aware Financial Services Australia fined $20 million for charging fees for no service: Royal Commission case study
22-033MR ASIC consults on Financial Services and Credit Panel regulatory guidance (see Financial Services and Credit Panel below)
22-023MR Aware Financial Services Australia fined $20 million for charging fees for no service: Royal Commission case study
22-139MR ASIC releases information sheet on warnings and reprimands given to financial advisers (see Warnings and reprimands below)
22-176MR Court finds Select AFSL and its agents acted unconscionably when selling insurance products: Royal Commission case study
Speeches, articles and news items
This section contains:
2018
ASIC Regulatory Update: Expectations in the current environment? Our perspective on reform and regulatory developments (speech 22/5/2018)
House of Representatives Economics Committee: Opening statement by ASIC Chair, James Shipton - 22 June 2018 (speech 22/6/2018)
How financial services firms can act to meet community expectations through transparency and accountability (speech, 17/7/2018)
Parliamentary Joint Committee on Corporations and Financial Services – Opening statement by ASIC Chair James Shipton, (speech 17/8/2018)
ASIC’s strategic focus and key priorities over the next year: Improving conduct and restoring trust (speech 4/9/2018)
Parliamentary Joint Committee on Corporations and Financial Services – Opening statement by ASIC Chair James Shipton, (speech 19/10/2018)
Senate Economics Legislation Committee: Opening statement by ASIC Chair, James Shipton, (speech 24/10/2018)
Ethics and professionalism post Royal Commission—A regulator's view (speech 1/11/2018)
2019
Senate Economics Legislation Committee: Opening statement by ASIC Chair, James Shipton - 20 February 2019 (speech 20/2/2019)
Keynote address at Group of 100 Dinner (speech 26/2/2019)
The Financial Services Royal Commission and other emerging issues relating to the general insurance industry from an ASIC perspective (speech 27/2/2019)
Emerging lessons from the Financial Services Royal Commission for the regulation of health practitioners (speech 28/2/2019)
ASIC’s approach to enforcement after the Royal Commission (speech 30/8/2019)
2020
ASIC Update to the Members Health Directors' Professional Development Program 2020 (speech 5/2/2020)
ASIC examines advice in super (article, 3/4/2020)
FINSIA: The Regulators – Priorities Updated (speech 21/5/2020)
Regulation, trust and social licence (speech 11/8/2020)
Regulatory update (speech 26/10/2020)
Senate Economics Legislation Committee – Budget Estimates (speech 27/10/2020)
2020–21: ASIC’s focus in superannuation (article, 10/11/2020)
2020 in review and COVID-19 recovery (speech, 13/11/2020)
Getting on with it (speech 18/11/2020)
ASIC’s expectations for protecting vulnerable customers (speech, 26/11/2020)
2020 update on APRA-ASIC engagement (news item 22/12/2020)
2021
Reforms of the core regulatory framework for superannuation (article 4/2/2021)
Conversation with ASIC: AFIA Risk Summit (speech 16/2/2021)
Regulation for recovery: when pilots become enduring practice (speech 10/3/2021)
Parliamentary Joint Committee on Corporations and Financial Services - Opening statement (speech 19/3/2021)
Information Sheet 250 Giving AFS and credit licensees information about their representatives (news item 22/3/2021: see Reference checking and information sharing below)
House of Representatives Standing Committee on Economics - Opening statement (speech 29/3/2021)
Unfair contract term protections for small businesses (news item 1/4/2021: see Unfair contract terms below)
Australian Institutional Investor Roundtable (speech 22/4/2021)
Senate Economics Legislation Committee - Opening statement - 2 June 2021 (speech 2/6/2021)
Parliamentary Joint Committee on Corporations and Financial Services - Opening statement - 18 June 2021 (speech 18/6/2021)
The 4Cs of risky business (speech 25/8/2021)
Better Advice Act broadens ASIC’s regulatory responsibilities (news item 2/11/2021)
Regulatory reforms
This section contains:
- Add-on insurance
- Advice fee consents and independence disclosure
- Breach reporting reforms
- Claims handling and settling services
- Codes of conduct
- Conflicted remuneration
- Financial Services and Credit Panel
- Funeral expenses
- Hawking and Advertising
- Mortgage brokers
- Ongoing fee arrangements
- Reference checking and information sharing
- Superannuation
- Tax advisers
- Unfair contract terms
- Warnings and reprimands
Add-on insurance
21-189MR ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model
RG 275 The deferred sales model for add-on insurance
ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632
REP 695 Response to submissions on CP 339 on the deferred sales model for add-on insurance (see 21-043MR)
Related information
20-179MR ASIC consults on proposed product intervention order for the sale of add-on motor vehicle financial risk products
Summary of changes and feedback questions (PDF 132 KB)
Draft instrument showing the changes made since consultation in October 2019 (PDF 346 KB)
CP 324 Product intervention: The sale of add-on financial products through caryard intermediaries (October 2019)
CP 294 The sale of add-on insurance and warranties through caryard intermediaries (October 2017)
REP 492 A market that is failing consumers: The sale of add-on insurance through car dealers (September 2016)
REP 471 The sale of life insurance through car dealers: Taking consumers for a ride (February 2016)
Advice fee consents and independence disclosure
21-058MR ASIC releases advice fee consent and lack of independence disclosure legislative instruments
ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124
ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125
ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126
Sample form (ongoing fees - PDF 137 KB), Sample form (non-ongoing fees - PDF 88 KB) and FAQs
REP 687 Response to submissions on CP 329 on advice fee consents and independence disclosure (see 20-056MR)
Breach reporting reforms
21-235MR ASIC publishes guidance on breach reporting
RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)
Superseded RG 78 (PDF 782KB) (may continue to apply before 1 October 2021)
INFO 259 Complying with the notify, investigate and remediate obligations
REP 698 Response to submissions on CP 340 Breach reporting and related obligation (see 21-080MR)
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716
Claims handling and settling services
21-067MR ASIC warns time is fast running out for insurance claims handling AFS licence applications
INFO 253 Claims handling and settling: How to comply with your AFS licence obligations
Background
20-300MR ASIC releases draft information sheet for insurance claims handling
Draft INFO 000 Claims handling and settling (PDF 644 KB)
Draft C12 proof on insurance claims handling and settling (PDF 90 KB)
Codes of conduct
21-003MR ASIC approves variations to the Banking Code
ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2021/11
Conflicted remuneration
20-318MR ASIC releases technical updates to RG 246
RG 246 Conflicted and other banned remuneration
Consumer remediation
20-308MR ASIC consults on consumer remediation guidance
CP 335 Consumer Remediation: Update to RG 256
Financial Services and Credit Panel
RG 263 Financial Services and Credit Panel (see 22-206MR)
INFO 273 FSCP decision: Your rights (see 22-206MR)
Background
REP 734 Response to submissions on CP 359 Update to RG 263 Financial Services and Credit Panel (see 22-033MR)
Funeral expenses
20-076MR ASIC provides information on funeral expenses reform
INFO 243 Licensing requirements for providers of funeral expenses facilities
Hawking and Advertising
21-257MR ASIC publishes guidance on hawking reforms
RG 38 The hawking prohibition
REP 701 Response to submissions on CP 346 The hawking prohibition: Update to RG 38 (see 21-181MR)
ASIC Corporations (Amendment and Repeal) Instrument 2021/799
Mortgage brokers
20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations
20-146MR ASIC publishes new regulatory guidance for mortgage brokers
ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
RG 273 Mortgage brokers: Best interests duty
REP 662 Response to submissions on CP 327 on mortgage brokers and the best interests duty (see 20-040MR)
Ongoing fee arrangements
21-134MR ASIC releases guidance on ongoing fee arrangements
INFO 256 FAQs: Ongoing fee arrangements
RG 175 Licensing: Financial product advisers—Conduct and disclosure
ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125
CP 332 Promoting access to affordable advice for consumers (see Response to ASIC Consultation Paper 332 (Infographic PDF 88 KB) and news article
Related information
RG 182 Dollar disclosure (reissued 29/6/2021)
RG 255 Providing digital financial product advice to retail clients (reissued 29/6/2021)
INFO 228 Limited AFS licensees: Advice conduct and disclosure obligations (reissued 29/6/2021)
Reference checking and information sharing
21-180MR ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers
ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429
INFO 257 ASIC reference checking and information sharing protocol
Example template reference request: Reference for a mortgage broker (PDF 125KB)
Example template reference request: Reference for a financial adviser (PDF 389KB)
REP 694 Response to submissions on CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing (see 20-291MR)
Related information
REP 694 Response to submissions on CP 333
RG 104 AFS licensing: Meeting the general obligations
RG 205 Credit licensing: General conduct obligations
INFO 126 Credit representatives
INFO 134 Complying with your obligations if both credit licensee and AFS licensee
INFO 229 Limited AFS licensees: Complying with your licensing obligations
Superannuation
20-034MR ASIC and APRA welcome law reform on superannuation regulator roles
21-141MR ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law
ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378
Tax advisers
21-368MR ASIC issues information for tax financial advisers under Better Advice Act
INFO 268 FAQs: Regulation and registration of relevant providers of tax (financial) advice services
Related information
Home > Regulatory resources > Financial services > Financial advisers providing tax advice
Unfair contract terms
20-248MR ASIC updates information sheets on new protections under the unfair contract terms laws
INFO 210 Unfair contract term protections for consumers
INFO 211 Unfair contract term protections for small businesses
Warnings and reprimands
22-139MR ASIC releases information sheet on warnings and reprimands given to financial advisers
INFO 270 Warnings and reprimands