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The Royal Commission Hub

18 Feb 2020

Latest update

Will insurers be able to implement all changes consistently?

Our experts provide key takeaways and our in-depth analysis of some of the proposed amendments in the Financial Services Royal Commission draft legislation related to insurance. Learn more >

14 Feb 2020

Major changes for superannuation trustees and not enough time?

Our experts provide commentary on the package of proposed legislation including a draft bill and regulations which make important changes to the Australian financial services licence regime for APRA-regulated superannuation trustees, superannuation trustee and director indemnity, superannuation regulator roles and more. Learn more >

12 Feb 2020

Stricter hawking rules

The proposed Hawking of Financial Products Bill introduces a general prohibition on the offer for sale, issue or transfer of financial products to retail clients arising from “unsolicited contact” by the provider. Our experts analyse the proposed changes in detail. Learn more >

12 Feb 2020

Ongoing advice fee arrangements and disclosure of lack of independence

Released for consultation by the Treasurer on 31 January 2020, the “ongoing fee arrangements” and “disclosure of lack of independence” Schedules to the exposure draft Bill will make fundamental changes to ongoing advice fee arrangements. Our experts analyse the proposed changes and everything you need to know before commencement on July 1. Learn more >

10 Feb 2020

Fundamental changes to breach reporting

Among the material released for consultation by Treasury on 31 January 2020 to implement the findings of the Royal Commission was an exposure draft Bill which includes fundamental changes to breach reporting for Australian financial services and credit licensee. Our experts analyse the proposed changes in detail. Learn more >

10 Feb 2020

ASIC’s new direction powers or draconian powers? – navigating the proposal

Our experts explore the proposal to confer ASIC with powers to give directions to AFS licensees and credit licensees to prevent or address suspected breaches of financial services law or credit legislation. Learn more >

04 Feb 2020

Financial Services Royal Commission Draft Legislation - A lot to do before 30 June 2020

The Treasurer has released for consultation a raft of proposals to implement 24 of the Government’s responses to recommendations of the Financial Services Royal Commission final report. Our experts highlight some of the key proposals and initial takeaways. Learn more >

Financial Services Draft Legislation

The Treasurer has released proposals to implement 24 of the Government’s responses to recommendations of the Financial Services Royal Commission final report. The consultation period for all the proposals ends on 28 February 2020. Our experts bring you in-depth analysis of key proposals.

Meet our Financial Services Regulation team

If you need further guidance on the outcomes of the Royal Commission, our team of experts are here to help.

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    Where to from here?


    There are a number of actions which you can take now. Our analysis is designed to help you navigate industry-wide issues as well as specific topics. 

    Click on the topics below of most interest and relevance to you.

    Remuneration

    Remuneration

    Insurance & D&O


    Directors and Officers Insurance

    Regulatory Engagement

    Role of regulators

    Consumer & Small Business Lending

    Consumer and Small Business lending

    Financial Advisers & Brokers

    Financial Advisers and Brokers

    Governance, Conduct, Culture & Trust

    Conduct and Culture Accountability Trust

    Class Actions & Remediation

    Class Actions and Remediation

    Superannuation & Life Insurance

    Superannuation and Life Insurance

    Useful resources

    The Hayne Final Report

    The final report of the Royal Commission into misconduct within Australia's Financial Services Industry was released on 4 February 2019.

    'A few surprises' for the law

    The Australian Financial Review published this article by Michael Pelly on 5 February 2019.

    AFCA consultation on the findings of the final report

    The Australian Financial Complaints Authority announced it will run limited consultation regarding required changes to its Rules.

    Royal Commission Interim Report

    The interim report of the Royal Commission into misconduct within Australia's Financial Services Industry was released on 28 September 2018.

    ASIC's actions in response to the final report

    The Australian Securities and Investments Commission outlined its planned actions on the 12 recommendations directed at it including its approach to enforcement

    Restoring trust in Australia’s financial system

    The Government response to the final report into Australia's Financial Services Industry released on 4 February 2019.

    APRA's plan in response to the final report

    The Australian Prudential Regulation Authority announced a timetable for completing 10 recommendations that require its direct attention.

    Press Conference with the Hon Josh Frydenberg MP

    Listen to the Treasurer's press conference on the final report into Australia's Financial Services Industry on 4 February 2019.

    The ABA's response to the final report

    The Australian Bankers Association has agreed to amend the Banking Code of Conduct to implement a number of recommendations.

    ALRC review

    The Australian Law Reform Commission will undertake a review of the corporate criminal responsibility regime and will consider the recommendations of the Hayne Royal Commission and the ASIC Enforcement Review Taskforce.

    Hayne Royal Commission Report

    What does this mean for non-financial services sector entities?


    Financial Institutions: Regulator

    Australia Financial Regulation Compliance Conundrum

    Proposed reforms could redraw Australia’s financial services landscape with tougher regulatory requirements.

    Financial Institutions: Regulator

    Royal Commission Action Plan

    Our experts have put together a quick guide to help you navigate what to do next.


    Royal Commission fallout: The big 5 issues

    Based on the interim report, released in September 2018, we predicted the big issues to come out of the Royal Commission fallout.

    Regulator

    Royal Commission update after the interim report and final round of hearings

    In November 2018, the Financial Services Royal Commission held its seventh and final round of public hearings.

    Banking Royal Commission – What do I do now?

    The Financial Services Royal Commission interim report was released on 28 September 2018. Our experts provide their summary.

    Update on financial services Royal Commission

    Our experts provide an update following the fifth round and sixth round of hearings, on superannuation and general and life insurance, in September.

    Are Australian boards being set up for failure?

    In September 2018, our experts commented that public company director expectations are completely out of hand, and that boards are set up for failure.

    Hard times ahead for D&O insurance

    In September 2018, the market for directors and officers liability insurance policies had begun to harden with insurers now inserting “royal commission exclusion” into policies.

    Update on ASIC activities

    Our experts discuss ASIC enforcement outcomes and its implications from January to June 2018. ASIC reported that it had taken 11 criminal actions against directors for “corporate governance misconduct”.

    Proposed changes to the ASX Corporate Governance Principles

    We outlined submissions on the ASX Corporate Governance Principles released in November 2018.

    Financial Institutions: Regulator

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