You web browser may not be properly supported. To use this site and all its features we recommend using the latest versions of Chrome, Safari or Firefox

City Buildings

After a shocking and scandalous public inquiry, the Royal Commissioner Kenneth Hayne has handed down his final report into the Banking and Finance sector.

The Royal Commission heard serious evidence of misconduct and exposed an industry driven by greed and self-interest, at the expense of customers and members.

The report returned to these themes. Said Commissioner Kenneth Hayne:

Experience shows that conflict between duty and interest can seldom be managed; self-interest will almost always trump duty

76 recommendations in total

The report provides 76 recommendations that will likely impact many parts of the banking, superannuation and financial advice industries.

The report pleasingly addresses some of the more controversial revelations from the Royal Commission, including recommending the immediate end to grandfathered commissions for financial advisers and a new disciplinary system for financial advisers.

Possible criminal or civil action

However, the overwhelming message of the report is that in Commissioner Hayne’s view the current legislative framework is more or less sufficient. What’s needed is far stricter enforcement of the current laws.

Commissioner Hayne has referred 24 companies to the regulator for possible criminal or civil action, including CBA, ANZ, NAB and AMP.

Get Your Super Back

Slater and Gordon is running the only class actions in response to the evidence presented at the Royal Commission, and taking real and concrete steps to put money back into people’s pockets.

In October 2018, Slater and Gordon filed the first class action of the Get Your Super Back campaign, against Colonial First State and the Commonwealth Bank of Australia (CBA). Slater and Gordon allege that Colonial First State put the profits of its corporate group above the interests of its members. It is alleged that Colonial First State failed to obtain the best interest rate available for members, instead accepting a much lower rate from its parent company, CBA.

Slater and Gordon has also launched a class action against NAB and MLC in September last year, alleging that they had engaged in unconscionable conduct by knowingly selling credit card insurance policies to people ineligible to claim, such as the unemployed and disabled.

Register Now

We expect that around one third of the adult population may be eligible to join the class actions against the major banks. If you would like to find out more or register visit here.

If you would like to see other Class Actions Slater and Gordon are currently running, visit here.

The contents of this blog post are considered accurate as at the date of publication. However the applicable laws may be subject to change, thereby affecting the accuracy of the article. The information contained in this blog post is of a general nature only and is not specific to anyone’s personal circumstances. Please seek legal advice before acting on any of the information contained in this post.

Thank you for your feedback.

Latest blog posts

Class Action
Banking Royal Commission Timeline

Announced in November 2017, the Royal Commission has held six rounds of hearings to date. Throughout this time we have heard repeated evidence of the behaviour of the banks, favouring profit and shareholder interests above that of their customers. With so much activity occurring in a relatively small window of time, we have prepared the following timeline of how it's played out to date. If you'd like to understand more about the Royal Commission we have also prepared this article which helps you get your head around the Royal Commission in three minutes by taking a look at what's happened to date, and where things are likely to head.You can also read more or register for the Get Your Super...

Class Action
Are you paying too much in super fees?

Ever had that moment at the mechanic when your car's malfunction is described to you in baffling detail to justify the bill you're about to receive? Did you just nod along, take deep breath, and pay it? Well, a similar dynamic has long operated in the superannuation sector. For the minority of people who even get around to opening their superannuation statement, a bewildering array of fees may await: investment fees, admin fees, advice fees, switching fees, indirect costs, the list goes on. But super is a complicated business. How can the average person possibly work out whether the fees they are charged are reasonable or not? The problem is a lot of super funds, mainly those owned by the...

Super Piggy Bank Cropped
Superannuation and Insurance
An end to for-profit Super funds?

A lot has been said and written about the Productivity Commission’s ground-breaking report into the efficiency and competitiveness (or lack thereof) of the superannuation industry since it was publically released a few weeks ago. Surprisingly however, one of the Commission’s 31 recommendations appears to have attracted no attention, despite the significant implications it would have for one prominent part of the industry: retail (or for-profit) super funds. The Commission recommended that all fees charged by APRA-regulated superannuation funds should be levied on a cost-recovery basis. The Commission reasoned that because super funds are legally obliged to act in members’ best...