- Consumer Credit: When the hearing began, it was quite evident that the royal commission would be acting tough this time. In the first nine days, the topic which was being discussed was related to the conflicting compensations. The commission devoted an ample amount of time in analyzing the ways which were being used to pay the brokers as well as employees. The commission began from the upfront fees and then final commissions as well as volume bonuses.
- Financial Advice: Under this, the fees were levied even to the customers which are dead. However, post-hearing, a review was conducted with the board of AMP Limited (ASX: AMP). Grandfather commissions were supposed to be ended as per the directions of ASIC. Hence, it is expected that Hayne would not allow continuing these commissions.
- Lending to the small and medium enterprises or SMEs: Under this, a woman who was suffering from several diseases, as well as cancer, went homeless as she was the guarantor of the business of her daughter. As per the assistant of Michael Hodge, QC, there shouldn’t be any obligations in regard to the advancing of the loans to the SMEs.
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