Big banks face double scrutiny

parliamentary committee banks Royal Commission

22 February 2018
| By Mike |
image
image
expand image

The four big banks are facing double scrutiny – that of a Royal Commission and that of the House of Representatives Standing Committee on Economics.

The Turnbull Government may have sought to use the Parliamentary Committee scrutiny of the four big banks as a means of forestalling the Royal Commission, but the committee has now confirmed that notwithstanding the activities of the Royal Commission it too will be conducting public hearings in October.

According to the chair of the Committee, Sarah Henderson, the hearings are being scheduled to be conducted shortly after the Royal Commission hands down its interim report, due on 30 September.

“This will provide the Committee with an important opportunity to scrutinise the banks on a range of matters including the interim findings of the Royal Commission,” she said.

Henderson pointed to key reforms which she claimed had emanated from the Committee, including establishment of the Australian Financial Complaints Authority (AFCA) and the Bank Executive Accountability Regime (BEAR).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 5 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 3 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 6 hours ago