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

Announced by Prime Minister Malcolm Turnbull and Treasurer Scott Morrison on 30 November 2017, after years of pressure, and appointed by Letters Patent issued by Governor-General Sir Peter Cosgrove on 14 December 2017, naming the Hon Kenneth Hayne AC QC as sole Commissioner. It was to inquire into whether financial services entities had engaged in misconduct or conduct falling below community standards, the causes (including culture, governance and remuneration), the effectiveness of regulators, and the adequacy of laws, with an interim report by 30 September 2018 and a final report by 1 February 2019.

Legislation: Royal Commissions Act 1902

1. 28 September 2018Interim report presented to the Governor-General and tabled the same day.

Hayne presented his final report, with 76 recommendations, to the Governor-General on 1 February 2019; it and the government's response were released on 4 February 2019. The chair and chief executive of NAB resigned soon after. Most recommendations were legislated in a series of Financial Sector Reform (Hayne Royal Commission Response) Acts from 2020; the Financial Regulator Assessment Authority, set up in 2021 to assess ASIC and APRA, followed one of its recommendations.

• Public hearings into consumer lending, financial advice, superannuation, insurance and small business and farm lending
• Inquiry into culture, governance and remuneration in financial institutions
• Review of the effectiveness of ASIC and APRA and of financial services law

Last in the portfolio of Attorney-General's Department.

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