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The government’s royal commission into the banking, superannuation and financial services industry has been established, which will spark an emphasis on risk assurance for accountants, says one industry lawyer.
Last month, Prime Minster Malcolm Turnbull announced the government would launch a royal commission, after the four major banks called for a “properly constituted inquiry” into the financial services sector.
Brown Wright Stein Lawyers partner Geoff Stein says implications from the royal commission will trickle into various sectors, including the accounting industry.
“The banking royal commission will be a boon for lawyers but lead to an emphasis on risk realisation assurance for accountants,” said Mr Stein.
Letters Patent have been issued by the Governor-General to the Honourable Kenneth Madison Hayne AC QC, formerly a judge of the High Court, requiring the royal commission to inquire into the conduct of financial services entities, including banks, insurers, superannuation trustees, holders of Australian financial services licences and intermediaries, such as mortgage brokers.
Intermediaries between borrowers and lenders have been added following the government's consultation with the appointed commissioner on the draft terms of reference.
Commissioner Hayne is authorised to submit an interim report to the Governor-General no later than 30 September 2018, and required to submit a final report no later than 1 February 2019.
The royal commission will examine allegations of misconduct or conduct which falls below community expectations.
The commission will be focused on identifying ways to ensure that Australia's financial system continues to work efficiently, effectively and in the interests of consumers.
Earlier, the Stockbrokers and Financial Advisers Association said the inquiry would “waste taxpayers’ money” and impose additional regulations on the industry.