Financial Services Royal Commission

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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

Jump to

Royal Commission Interim Report (September 2018)

Royal Commission Final Report (February 2019)

Summary of ASIC enforcement action (May 2022)

 

Media releases

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

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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

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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20-040MR ASIC consults on draft guidance on the new best interests duty for mortgage brokers (see Mortgage brokers below)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)

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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

21-279MR 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

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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)

22-139MR ASIC releases information sheet on warnings and reprimands given to financial advisers (see Warnings and reprimands below)

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Speeches, articles and news items

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)

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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)

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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)

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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)

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Regulatory documents

Add-on insurance

21-189MR ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model

See

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 CP 339, draft regulatory guide, data template for exemption applications and submissions; and 21-043MR)

See also

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 ASIC Corporations (Product Intervention – Add-on Motor Vehicle Financial Risk Products) Instrument 2020 (PDF 373 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

See

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 CP 329, draft instruments and submissions and 20-056MR)

Ongoing fee arrangements

21-134MR ASIC releases guidance on ongoing fee arrangements

See

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

See also consequential amendments

 

Breach reporting reforms

21-235MR ASIC publishes guidance on breach reporting

See

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 CP 340, Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 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

See 

INFO 253 Claims handling and settling: How to comply with your AFS licence obligations

See also

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

See

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

See

RG 246 Conflicted and other banned remuneration 

Consumer remediation

20-308MR ASIC consults on consumer remediation guidance 

See

CP 335 Consumer Remediation: Update to RG 256

Financial Services and Credit Panel

22-033MR ASIC consults on Financial Services and Credit Panel regulatory guidance

See

CP 359 Update to RG 263 Financial Services and Credit Panel

Funeral expenses

20-076MR ASIC provides information on funeral expenses reform

See 

INFO 243 Licensing requirements for providers of funeral expenses facilities

Hawking and Advertising

21-181MR ASIC consults on draft guidance for the hawking reforms

See 

CP 346 Updates to Revised RG 38

Attachment to CP 346: Draft regulatory guide (PDF 697 KB)

 

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

See

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 CP 327, draft regulatory guide and submissions and 20-040MR

Reference checking and information sharing

21-180MR ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers 

See

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 CP 333 and submissions and 20-291MR

See also

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

See

ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378

Unfair contract terms

20-248MR ASIC updates information sheets on new protections under the unfair contract terms laws

See

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

See

INFO 270 Warnings and reprimands

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Last updated: 09/06/2022 12:08