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

834:.....the answer seem(ed) to be greed – the pursuit of short term profit at the expense of basic standards of honesty..... From the executive suite to the front line, staff were measured and rewarded by reference to profit and sales..... When misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done. The conduct regulator, ASIC, rarely went to court to seek public denunciation of and punishment for misconduct. The prudential regulator, APRA, never went to court. Much more often than not, when misconduct was revealed, little happened beyond apology from the entity, a drawn-out remediation program and protracted negotiation with ASIC of a media release, an infringement notice, or an enforceable undertaking that acknowledged no more than that ASIC had reasonable ‘concerns’ about the entity’s conduct. Infringement notices imposed penalties that were immaterial for the large banks. Enforceable undertakings might require a ‘community benefit payment’, but the amount was far less than the penalty that ASIC could properly have asked a court to impose. 728:

of the group's policies and processes including provision of potentially unsuitable loans, reliance on potentially false documentation, use of correct income figures, potentially dishonest application of customers' signatures, and a potential misstatement of some loans in loan documentation. Now, what I want to put to you is that NAB knows and you know that there were unsuitable loans, there was false documentation, there was dishonest application of customers' signatures on consent forms and there was the misstatement of some loans in loan documentation. All of those things occurred, did they not?" NAB's Mark Waldron agreed that conduct was fraudulent and beyond misconduct; "Yes, we can now say that they have occurred." It was reported that NAB employees in greater western Sydney were accepting bribes in order to facilitate loans they knew were based on false documentation in order to reach lending targets and to collect personal bonuses; and up to 15 per cent of all home loans approved did not meet NAB's standard criteria for valuation, serviceability and document verification.

844:.....The law already requires entities to ‘do all things necessary to ensure’ that the services they are licensed to provide are provided ‘efficiently, honestly and fairly’. Much more often than not, the conduct now condemned was contrary to law. Passing some new law to say, again, ‘Do not do that’, would add an extra layer of legal complexity to an already complex regulatory regime..... Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services that are fit for purpose; delivering services with reasonable care and skill; and, when acting for another, acting in the best interests of that other? The basic ideas are very simple. Should the law be simplified to reflect those ideas better? 907:

necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly. I thought it telling that Dr. Henry seemed unwilling to accept any criticism of how the board had dealt with some issues. I thought it telling that Mr. Thorburn treated all issues of fees for no service as nothing more than carelessness combined with system deficiencies when the total amount to be repaid by NAB and NULIS on this account is likely to be more than $ 100 million. I thought it telling that in the very week that NAB’s CEO and Chair were to give evidence before the Commission, one of its staff should be emailing bankers urging them to sell at least five mortgages each before Christmas. Overall, my fear – that there may be a wide gap between the public face NAB seeks to show and what it does in practice – remains.

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neglect, carelessness, or just sheer coincidence. I understand all of that. There is a whole raft of law up there governing this industry. One thing that I may have to look at, I think, is what the attitude, either of the industry generally, if there were such a thing, participants in the industry, is to the notion of obedience to the law. Obedience to the law that governs the way they conduct their affairs. There may be a difference – I don't say there is – there may be a difference between a breakdown in controls and an acknowledgment of breach of law. Treat that as the soliloquy it undoubtedly is, Mr Waldron, or deal with it as you wish. But I don't want people ignoring the fact these are ideas that are at least on the table.

867: 901:. Instead, his report made 24 recommendations relating to institutions and individuals about dishonest misconduct and charged the regulators with the responsibility for taking action. Some media feedback was that this approach was part of the problem, citing that ASIC, in particular, had a long history of not proactively enforcing its powers. Some of Hayne's most scathing comments were reserved for NAB's chair, Ken Henry, and CEO, Andrew Thorburn: 936: 316:

instructed to make a donation of $ 3 million to Financial Literacy Australia after ASIC found that the bank's employees disclosed confidential details of their clients' orders to other foreign exchange traders. Westpac refunded $ 65 million to 220,000 customers after it failed to pass on benefits they should have received under package deals, including home loans, credit cards and transaction accounts, offered by the bank.

401:, was commissioned to conduct a review into bankers' pay and commissions; and recommended the termination of bonus payments to retail bank employees that are linked to sales performance. In March 2017 ASIC handed down a report on financial advice compliance in the sector; and in September 2017 the Turnbull government introduced legislation to establish the Australian Financial Complaints Authority, an external 286:, whose mother was impacted by the scandal, stated that the bank did not act quickly enough to address the problem. The CBA was subsequently embroiled in other matters including money laundering for drug syndicates, turning a blind eye to terrorism financing, ignoring statutory reporting responsibilities for more than three years on more than 750,000 accounts, and impropriety in foreign exchange trading. 761:, had charged some of its customers "adviser contribution fees" and "employer service fees" on its superannuation products. By its own admission, NAB executives told the Royal Commission that the customers may have not received any service, in spite of being charge a fee. NAB tried to disguise these fees as commissions. The following month ASIC commenced 541: 727:

However, when queried on the matter by Counsel Assisting that "...there was fraudulent conduct engaged in by NAB bankers and by introducers... We see no reference here to any fraudulent conduct. In fact the language is very qualified in the description of the conduct here... the conduct was in breach

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industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities,

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Financial markets initially responded positively to the final report, having earlier factored in that banks and other financial institutions would be severely penalised. Markets viewed the response from the government as measured and a view that some recommendations would help the financial services

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The discrepancy between average life expectancy of an Indigenous individuals and non-indigenous, highlights a flaw in the superannuation system, where essentially individuals are restricted access to their super until 60 years. For many this is way too late and individuals need access to these funds

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On 28 September 2018 Commissioner Hayne submitted an interim report on progress of the commission to the Governor-General. The interim report, together with a volume each of case studies and appendices was tabled in Parliament on the same day. In its interim report, the Commissioner noted that some

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The Commission heard that, similar to ANZ, Westpac believed that it was not its responsibility to verify loan applicants' personal expenses, with this responsibility resting with brokers, especially for car loans originated by motor vehicle dealers acting as brokers; and that financial kickbacks to

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paid to mortgage brokers, the CBA rewarded brokers for encouraging customers to enter into larger homes loans and for longer terms than needed. The Royal Commission heard that the CBA-owned Aussie Home Loans retained commissions where broker agreements were terminated following detection of alleged

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in the summons; require witnesses to take an oath or give an affirmation; and require a person to deliver documents to the Commission at a specified place and time. A person served with a summons or a notice to produce documents must comply with that requirement, or face prosecution for an offence.

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Commissioner Hayne handed his final report to the Governor-General on 1 February 2019. The final report comprised a 496-page document together with seven themes and 76 separate recommendations, supported by a volume each of cases studies and appendices. On 4 February 2019 the government issued its

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and was sued under responsible lending laws for using an automated process to decide whether peoples' home loan applications met lending criteria. Further, a Westpac banker was imprisoned for fraudulently lending millions of dollars to elderly pensioners. Following ASIC investigations, Westpac was

293:(NAB) was implicated during 2015 in a series of scandals concerning financial planners where it was revealed that the NAB quietly paid millions of dollars in compensation to hundreds of clients for what it considered was inappropriate financial planning advice by its staff between 2009 and 2015. A 816:

To address barriers to financial literacy barriers, the Royal Commission recommended training Indigenous financial counsellors.They can spend time in remote communities, educating Aboriginal and Torres Strait Islander people about financial services and advisory. This initiative aims to empower

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and other financial service entities have made of complaints and revelations. The industry is a large industry, large participants, lots of people. Things go wrong. It's a human system, therefore things go wrong. Sometimes things go wrong through dishonesty. Sometimes things go wrong because of

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The Commission invited individuals or entities to make public submissions using an online form, with provision for those who require further assistance via email or telephone. The purpose of the submissions was to identify the nature of alleged misconduct, the factors that led to the misconduct

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NAB also stands apart from the other three major banks. Having heard from both the CEO, Mr. Thorburn, and the Chair, Dr. Henry, I am not as confident as I would wish to be that the lessons of the past have been learned. More particularly, I was not persuaded that NAB is willing to accept the

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Westpac ... acknowledged that across the brands it ... engaged in actual or potential misconduct and conduct falling below community standards and expectations relating to home lending, credit cards, car loans, add-on insurance, processing or administration errors and unsolicited offers of

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by the Government on the same day. The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions. Commissioner Hayne submitted a final report to the Governor-General on 1 February 2019 with 76 separate

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The first round of public hearings commenced on 13 March, and these were focused on consumer lending practices within the context of credit products such as home loans, car loans and credit cards. Over fourteen days, the Royal Commission heard from executives from ANZ Bank, APRA, ASIC,

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The Commissioner detailed that there would be a further round of public hearings to consider these and other questions, for consideration in the Commissioner's Final Report. The interim report contained substantial findings against banks, insurance companies, and financial planners.

826:(mis)conduct by financial services entities was known to regulators and that the commission had also unearthed other conduct that brought public condemnation. The interim report focused on two key issues; why did it happen, and what can be done to avoid it happening again? 796:

Implications: SMEs are now looking towards other sources of finance; shadow lenders, private loans, bonds etc. The commission has also brought about changes in the provision of lending under the new industry code and granted ASIC new enforceable code of provisions.

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occurring, and the steps taken to resolve the complaint and the outcomes of the complaint. The role of the commission was not to resolve individual complaints, yet to come to an understanding of the systematic failures that may have led to the complaint occurring.

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Commissioner Hayne questioned whether the CBA was "economical with the truth" in failing to tell customers the value of commissions it pays to mortgage brokers in return for selling its products. The Royal Commission also heard that due to a system of

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Standing Committee on Economics, chief executives of the ANZ, CBA, NAB, and Westpac advised that, despite consumer complaints, very few senior bank staff were dismissed due to misconduct; despite supervising more junior staff who had been dismissed.

495:. The commissioner was directed "to inquire into and report on misconduct in the banking, superannuation and financial services industry." It was due to table its final report on 1 February 2019, which had been noted to be not long before the 5561: 809:, and how they impacted on Indigenous communities. The Royal Commission did not consider consumer leases, payday loans or in-store credit arrangements' impacts on Indigenous communities because they are not within the terms of reference. 769:

alleging that NAB-owned superannuation entities had deducted $ 100 million in fees from more than 300,000 customers where services were not provided. Appearing before the Royal Commission in November 2018, NAB Chief Executive Officer

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Despite an attempt launched in April 2016 to protect consumer interests, increase transparency and accountability, and build trust and confidence in banks, amidst growing community concerns, in January 2017 twenty-five members of the

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sought to widen the commission's terms of reference. The Australian Banking Association, and some of its members, who initially opposed calls for a royal commission, supported the terms of reference; however the Association's CEO,

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in doing so; and that, due to processing issues, it had charged nearly 500,000 home loan customers the incorrect interest rate for more than ten years, leading the bank to overcharge customers by approximately $ 90 million.

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The Royal Commission heard that ANZ had failed to accurately verify the living expenses of home loan customers referred to the bank by mortgage brokers, believing that this was the responsibility of the brokers, in spite of a

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was implicated in the foreign exchange trading scandal and was instructed to donate $ 2 million to charity and to open up its foreign exchange arm to scrutiny after ASIC uncovered a series of breaches by its traders.

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upon the loyalty to the British Crown of German Nationals resident in Australia whose property is liable to a charge created by the Treaty of Peace Regulations made under the Treaty of Peace (Germany) Act 1919–1920

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characterised the then-incoming Abbott Liberal-National government as being "determined to weaken protections" that Labor had introduced, although she noted these attempts were defeated by the Senate crossbench.

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on alleged improper practices and improper refusal to co-operate with the Victoria Police Force on the part of persons employed in the Postmaster-General's Department in Victoria in relation to illegal gambling

2053: 723:...acknowledged it had engaged in misconduct and conduct falling below community standards and expectations in relation to home lending, credit cards, personal loans and processing or administration errors. 527:

As revelations of misconduct came to light during the hearings, political pressure was exerted on the Turnbull government, due to beliefs that it had delayed the establishment of the Royal Commission; and

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culture within NAB. ASIC banned NAB staff who were previously licensed to provide financial advice. Subsequently, it was revealed that NAB were also implicated in impropriety in foreign exchange trading.

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CBA acknowledged that it had engaged in misconduct in limited respects.... in conduct falling below community standards and expectations in relation to add-on insurance, responsible lending and offers of

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to inquire into allegations affecting members of the Parliamentary Joint Committee of Public Accounts in connexion with claims made by broadcasting companies against the Commonwealth Government (1930)

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to inquire into extracts from the reports in Parliamentary Debates of speeches made by Mr. Scullin in the House of Representatives on 7 and 19 August 1924, in relation to land tax matters (1924–1925)

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In mid-April 2018, the second round of hearings, focused on the financial planning and wealth management industry commenced. During this round, on 20 April 2018 Craig Meller resigned as CEO of

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committee inquiry recommended a royal commission into the fraud scandal that left thousands of CBA customers millions of dollars out of pocket. The committee reported on the performance of the

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The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions of which the leading matters related to

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British New Guinea—Royal Commission of inquiry into the present conditions, including the method of government, of the Territory of Papua, and the best means of their improvement (1906–1907)

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ANZ ... acknowledged that it had engaged in misconduct and conduct falling short of community standards expectations relating to home loans, credit cards, processing errors and car finance.

5865: 1935: 1786: 878: 3603: 3460: 1611: 1465: 1697: 1200:"Restoring trust in Australia's financial system: The Government response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry" 2875: 376:

also supported calls for a royal commission; as well as CBA whistleblower, Jeff Morris, who, for eight years, since 2008, documented the industry's "systemic bad behaviour".

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to inquire into and report upon the contract or contracts with Abbco Bread Co. Pty. Limited for the supply of bread to the Department of the Army, and other matters (1941)

5344: 4791:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Interim Report - Volume 3 [2018] AURoyalC 3 (28 September 2018)" 4772:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Interim Report - Volume 2 [2018] AURoyalC 2 (28 September 2018)" 4753:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Interim Report - Volume 1 [2018] AURoyalC 1 (28 September 2018)" 4432: 2619: 1725: 5877: 1754: 1380: 515:, stated that Labor disagreed with the terms of reference and wanted the Government to consult with consumer groups and those impacted by financial scandals. Meanwhile, 349:

to hold a royal commission into misconduct in the financial services industry. The motion was voted down in the Senate 39–14, with Labor and the government opposing it.

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Indigenous communities with the knowledge and skills necessary to navigate the financial system, reducing their vulnerability to financial misconduct and exploitation

3748: 3377: 4940: 3775: 1408: 2787: 3174: 1815: 532:, the Finance Minister, indicated that if Commissioner Hayne sought more time to extend the life of the Royal Commission, the government would respond positively. 4460: 2758: 5250: 4848:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Report - Volume 3 [2019] AURoyalC 3 (4 February 2019)" 4829:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Report - Volume 2 [2019] AURoyalC 2 (4 February 2019)" 4810:"Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Report - Volume 1 [2019] AURoyalC 1 (4 February 2019)" 1322: 5407:

to inquire into and report upon the circumstances associated with the retirement of Lieutenant-Commander Alan Dermot Casey from the Royal Australian Navy (1934)

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to support themselves, their family and their community. To put this in perspective, the average life expectancy of an Indigenous male in the NT is 63.6 years.

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to inquire into and report upon certain transactions of the Sydney Land Sales Control Office, and the Canberra Land Sales Control Office of the Treasury (1947)

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for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading.

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to inquire into and report upon the arrangements made for the transport of troops returning from service in South Africa in the S.S. "Drayton Grange" (1902)

3895: 6620: 4933: 3488: 3319: 3290: 3258: 3144: 3115: 2560: 449:, together with the Greens, Labor, and Senate crossbench parties, had enough numbers to force the Turnbull government's opposition to a royal commission. 3405: 2429: 5158:

on the war—Australian Imperial Force. Report as to number of members fit for active service and number of reinforcements and enlistments required (1918)

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after it was revealed in a public hearing before the Royal Commission that AMP charged clients for financial advice which was not provided, and misled

388:, an initiative aimed to provide improve products, service and culture, and to provide consumers with helpful information and resources. In April 2016 123: 5947: 5871: 5704: 2729: 4344: 1876: 6498: 1439: 913:

Commissioner Hayne, Final Report: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 1 February 2019.

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Over the preceding years, there had been widespread criticism of ASIC's activities as a regulatory body, including its supervision of banks.

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to inquire into and report upon certain charges against the Administrator and other officers of the Northern Territory Administration (1916)

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on the charges made by D. L. Gilchrist concerning the construction of the western section of the Kalgoorlie to Port Augusta Railway (1916)

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to inquire into circumstances under which certain public monies were used and to whom, and for what purposes such moneys were paid (1941)

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Initial proceedings commenced on 12 February 2018. Key comments made by the Commissioner during this hearing and elsewhere include:

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calling for a commission of inquiry into the banking system. It was reported that the bill would be co-sponsored by the Nationals,

323:(ANZ) was also implicated in the bank bill swap rate scandal and settled with ASIC prior to the commencement of legal proceedings. 640:

Everyday Consumer Credit - Overview of Australian Law Regulating Consumer Home Loans, Credit Cards and Car Loans: Background Paper

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In 2008, a whistleblower went to ASIC to report a coverup in the Commonwealth Bank of Australia for a former financial planner.

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Money spinners : how Australians were fed lies, sold spin and charged money for nothing by banks and financial advisers

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in connection with sugar purchases by the Commonwealth through Mr. W. E. Davies in September and October, 1920 (1923–1924)

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defended the fees-for-no-service issue as a “process issue” rather than dishonesty. Days earlier, NAB Chairman and former

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Fit for the future: A capability review of the Australian Securities and Investments Commission: A report to government

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The powers of Royal Commissions in Australia are set out in the enabling legislation, the Royal Commissions Act 1902.

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Despite initially defending their positions, by 7 February both Henry and Thorburn had announced their resignations.

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to inquire into and report upon certain incidents in which Aborigines were involved in the Laverton area (1975–1976)

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fraudulent activity; and that it failed to refer such brokers to the industry association for disciplinary action.

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recommendations. The final report and the government's response to the report were made public on 4 February 2019.

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to inquire into complaints by the munition worker passengers to Australia by the transport "Bahia Castillo" (1919)

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The penalty for conviction upon such an offence is two years imprisonment. A Royal Commission may authorise the

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body aimed to simplify how customers resolve complaints with bank and other financial services organisations.

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to inquire into certain transactions in relation to timber rights in the Territory of Papua-New Guinea (1949)

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upon the public expenditure of the Commonwealth of Australia with a view to effecting economies (1918–1921)

4255: 4191: 3924:"Ken Henry's royal commission appearance sparked a debate over one of the biggest issues facing capitalism" 5477:

an inquiry into a statement that there was a document missing from the official files in relation to "The

3720:"AMP boss Craig Meller steps down, company apologises after scandals revealed at banking royal commission" 1237: 6584: 6518: 6513: 6465: 5757: 5736: 4006:

https://www.aihw.gov.au/getmedia/47af9415-79f2-430b-9867-91179986496c/atsihpf08r-c01-17.20090916.pdf.aspx

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into exploratory and production drilling for petroleum in the area of the Great Barrier Reef (1970–1975)

2533:"As it happened: Malcolm Turnbull announces banking royal commission after prolonged Nationals pressure" 583:

Royal Commissions, appointed pursuant to the Royal Commissions Act or otherwise, have powers to issue a

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The third round of hearings commenced in mid-May 2018 and was focused on small and medium enterprises.

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outlined his plans for a royal commission into the banking sector, should Labor win government at the

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in connection with joinery supplied to the War Service Homes Commissioner in March, 1920 (1923–1924)

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defensively appeared before the Royal Commission, with some tense exchanges between Henry and Orr.

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to inquire into the monetary and banking systems at present in operation in Australia (1935–1937)

3203:"Hayne Royal Commission: Banking royal commission: ANZ is still charging the wrong interest rate" 1349:"Commonwealth Bank boss Ian Narev says sorry for multi-million-dollar financial planning scandal" 1298:"Government urged to drop prosecutions against Richard Boyle, David McBride and Bernard Collaery" 290: 190: 149: 4402: 1323:"Grattan on Friday: Government's misjudgement on banking royal commission comes back to bite it" 6182: 4899: 4163: