Headed by Commissioner Kenneth Hayne AC QC, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established in 2017 to inquire into and report on misconduct in the banking, superannuation and financial services industries.
Setting the scene
The commission was given the power to recommend changes to the Australian Government that are necessary to improve:
- the legislative framework of the banking, superannuation and financial services industries
- the practices within those industries
- the powers of the industry regulators, that is, Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC).