Why the royal commission inquiry matters
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was called to investigate alleged misconduct of Australia's banks and other financial services entities.
The inquiry revealed shocking misconduct that has in some cases ruined lives. It included testimony from victims, whistleblowers and insiders.
The findings of the royal commission may result in some changes to dubious banking practices. But we believe the buck shouldn't stop there.
We think all Australians who suffered financially as a result of improper or predatory conduct should get their money back. Banks exist to serve and enable customers to make major financial decisions, so if your financial future has been damaged by one, we want to take action against them on your behalf.
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The Royal Commission into the banking sector has been a game changer. It has smashed through the walls of the banking sector and exposed its dodgy culture to the light. The problem is there's just so much detail and noise that most people don't have time to stay across it. But you are – and will continue to be – affected. So it pays to take a few steps back and look at what's happened to date, and where things are likely to head. Essentially, scandals had been mounting for over a decade. It had become clear the problem was systemic: an anything-goes culture that promoted profit above all else. The lack of transparency and accountability, along with a leaky compliance structure, was...
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...
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...
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