Why was the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry established?...

Why was the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry established?

Use the Royal Commission website to determine the purpose of the Royal Commission. Ensure you reference your arguments properly.

Your answer should be a maximum of 400 words.

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Expert Solution

Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry was established on 14th December 2017 by the Governor general of commonwealth of Australia.

Why was it established- It was established to lodge the complaint against any misconduct in financial service industry.

Purpose- It allows individuals and entities to submit the form online through their website. Response is sent via mail or telephone. Whole process take place where with the help of form submission, reason of misconduct, type of misconduct and steps taken to resolve the misconduct are taken into consideration. Purpose of the commission is not resolving individual complaints but to find out the reasons and rational behind the complaints. After the online form submission, hearing takes place. Hearing considers following issues-

General conduct obligation
Transparency in credit cards
Breach reporting
Remediation etc.

jeff jeffy answered 2 years ago

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