| Inquiries | Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry |
|---|---|
| Commissioner | The Honourable Kenneth Madison Hayne AC KC |
| Inquiry period | 14 December 2017 – 4 February 2019 |
| Constituting instrument | Royal Commissions Act 1902 (Cth) |
| Website | financialservices |
| The official website will be decommissioned in January 2022, it is archived here. | |
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions.[1] A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities,[2] and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities[3] and impropriety in foreign exchange trading.[4]
The Honourable Kenneth Madison Hayne AC KC, the former Justice of the High Court of Australia, served as the sole commissioner and submitted an interim report to the Governor-General of Australia on 28 September 2018, which was tabled in parliament by the Government on the same day.[5] The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions.[6] Commissioner Hayne submitted a final report to the Governor-General on 1 February 2019 with 76 separate recommendations.[7] The final report and the government's response to the report were made public on 4 February 2019.[6]
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