Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Other regulatory index topics | About the regulatory index

The Royal Commission into Misconduct in the Banking, Suprannuation and Financial Services Industry has now concluded. Key documents are available on the royalcommission.gov.au website.

Media releases

18-291MR Statement from ASIC Chair James Shipton on the Interim Report of the Financial Services Royal Commission

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)

19-222MR ASIC sues NAB for dealing with unlicensed home loan introducers: Royal Commission case study

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

19-365MR ASIC updates internal governance and accountability frameworks

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

20-129MR CBA to pay $5 million over the AgriAdvantage Plus Package – Royal Commission case study

20-247MR NAB ordered to pay $15 million for dealing with unlicensed home loan Introducers: Royal Commission case study

20-249MR Royal Commission witness and former financial adviser Sam Henderson sentenced (see also 20-130MR and 20-196MR)

20-263MR CBA ordered to pay $150,000 for credit limit increase provided to problem gambler: Royal Commission case study

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 

21-025MR CBA liable for overcharged interest – Royal Commission case study

21-042MR Court finds that TAL Life Limited breached its duty of utmost good faith – Royal Commission referral

21-065MR CBA to pay $7 million court penalty for overcharged interest – Royal Commission case study

Back to top

Speeches

Ethics and professionalism post Royal Commission—A regulator's view (1/11/2018)

The Financial Services Royal Commission and other emerging issues relating to the general insurance industry from an ASIC perspective (27/2/2019)

Emerging lessons from the Financial Services Royal Commission for the regulation of health practitioners (28/2/2019)

ASIC’s approach to enforcement after the Royal Commission (30/8/2020)

Back to top

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)

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

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)

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: Best interest duty

20-109MR ASIC defers commencement of mortgage broker reforms and design and distribution obligations

See

ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

RG 273 Mortgage brokers: Best interests duty: see 20-146MR

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

Back to top

 

 

 

Last updated: 07/09/2021 09:12