Banking Royal Commission

Financial planning

Victims of Financial Fraud has written to Treasurer Josh Frydenberg to remind him how vehemently the party objected to holding a Banking Royal Commission. ...

Policy & Regulation

Institutions “fall far short” in honest treatment of Australians: Treasurer

The interim report and the Royal Commission's hearings clearly show that some financial institutions have fallen far short of treating Australians honestly and fairly, ac...

Life/Risk

Cold calling life sales unlawful, FSC chief tells RC

Financial Services Council chief executive Sally Loane has told the Royal Commission that direct sales of life policies via outbound “cold calls” is viewed as unlawful by...

Life/Risk

Suncorp insurance boss admits to poor communication

Suncorp chief executive, insurance, Gary Dransfield has admitted to the Royal Commission that it could have “communicated better” during the Victorian bushfires of 2015....

Policy & Regulation

IAG unit Swann incentivised “inappropriate” sales

The Royal Commission has heard that IAG subsidiary Swann Insurance incentivised sales of add-on products that were “inappropriate” for certain customers....

Life/Risk

TAL investigators gathered info under false pretences, RC told

Multiple TAL case managers appeared to have instructed investigators to attend hospitals and police stations under false pretences as part of what appeared to be a firm-w...

Life/Risk

CBA not “frank and open” in dealings with FOS, RC told

CBA has acknowledged that it was not frank and open in a dispute with the Financial Ombudsman Service, the Royal Commission has been told....

Life/Risk

Freedom lambasted at RC for “inappropriate, highly aggressive” sales practices

Freedom chief operating officer Craig Orton has admitted to the Royal Commission that aggressive insurance sales practices within his organisation led to poor customer ou...

Life/Risk

RC points to flaws in insurance rules

The Royal Commission has pointed to flaws and inconsistencies in the regulatory environment around life insurance, including that there is no penalty capable of being imp...

Superannuation

Slater and Gordon launches class actions to get super back

Slater and Gordon has launched class actions against the banks following allegations arising from the Royal Commission into Misconduct in the Banking, Superannuation and ...

Life/Risk

Big insurers to front Royal Commission

TAL, CommInsure, AMP and ClearView have been named to front the next round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financia...

Superannuation

Mercer and Sunsuper named but not seen at RC

Mercer has been named as acknowledging poor conduct while Sunsuper has also been mentioned as being investigated by the Royal Commission into Misconduct in the Banking, S...

Policy & Regulation

RC questions whether ASIC used its powers

The Royal Commission has acknowledged that the Australian Securities and Investments Commission wants more powers but has questioned whether it has ever used all the powe...

Financial planning

NAB/MLC relied on adviser attestations on fees

National Australia Bank and MLC Limited were prepared to rely on the attestations of their financial advisers to help determine whether to refund clients on the basis of ...

Financial planning

Young people distrusting advisers could cost economy: Trilogy

Younger Australians are shying away from seeking professional financial advice following the Royal Commission and this could cost the broader economy dearly, fund manager...