Banking Royal Commission’s Interim Report Due on Friday: What You Should Know?

  • Sep 27, 2018 AEST
  • Team Kalkine
Banking Royal Commission’s Interim Report Due on Friday: What You Should Know?
The Banking Royal Commission is slated to release the interim report on Friday. As per the Royal Commission, the report would cover key focus areas like financial advice, consumer credit, experiences in regard to remote and regional communities as well as lending to the small and medium enterprises or SMEs. Let us look at some of them:
  • 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.
Moreover, the systems which were employed by the banks were rudimentary. It is expected that Hayne would come up with the judgment that the banks have not complied with the number of obligations which includes lending obligations. He could also say that the banks have failed to meet the standards of the customer satisfaction. 
  • 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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