On 4 February, the Government released the final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The report summarises the issues and recommendations from the seven rounds of hearings which covered consumer lending, financial advice, lending to small and medium enterprises, issues affecting Australians in remote and regional communities, superannuation, insurance and causes of misconduct in financial services.
The Royal Commission Final Report is comprehensive, the recommendations and implications are being worked through by the industry. We’ll keep you updated on how the changes may impact you, and what we’re doing to manage the change.
What happens next?
The Government has indicated that it will take action on all 76 of the Commissioner’s recommendations.
For the recommended changes to take effect, it is up to the Government to implement regulatory changes and pass legislative changes through parliament. Therefore, the recommended changes and reforms are unlikely to take immediate effect. It may take a number of months for some of the recommendations to come into force.
Regulators will also need to determine whether, and how, they will take action following a finding or referral from the Royal Commission.
In the meantime, our focus remains on helping you achieve better outcomes.
Find out more
You can read CBA’s statement here.
Contact your financial adviser to learn more about the report and how it could affect you. You can also call us on 13 13 36 8am to 7pm, Monday to Friday, Sydney time.
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.