The Coalition government has expanded the inquiry into the financial services sector and the royal commission implementation.
Treasurer Josh Frydenberg has asked the House of Representatives standing committee on economics to inquire into progress made by financial institutions in implementing the recommendations of the Hayne royal commission.
Ten recommendations were made by commissioner Hayne in his final report directed toward the industry with the inquiry expected to learn how that implementation is progressing.
Commissioner Hayne made a total of 76 recommendations but made it clear that primary responsibility for misconduct in the financial sector lies with the institutions concerned and their boards and senior management.
The remit of the inquiry has also been expanded to include other major relevant financial institutions and leading financial services associations.
The committee chaired by Liberal MP Tim Wilson is already conducting reviews into the major banks with the next round of public hearings expected in October.
It also is examining the role of the regulators and has hearings lined up over the next couple weeks with both the Reserve Bank and APRA.
The inquiry will complement the continuation of the broader inquiry into the four major banks which was announced in 2016.
The inquiry will provide further transparency to the public on the work the institutions are doing in implementing the royal commission recommendations.
The government hopes that in doing so it will contribute to restoring community trust in the sector.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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