Original article by Ben Butler
The Australian – Page: 5 : 5-Feb-19
The banking royal commission’s final report has recommended criminal charges against two unnamed financial institutions over the fee-for-no-service scandal. Commissioner Kenneth Hayne has also indicated that the Australian Securities & Investments Commission is considering charges against a third, while 15 financial institutions have been referred to ASIC and the Australian Prudential Regulation Authority for further investigation. Professor Dimity Kingsford Smith from the University of New South Wales says it may take up to 10 years for all of the proposed criminal proceedings to be completed.
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UNIVERSITY OF NEW SOUTH WALES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, IOOF HOLDINGS LIMITED – ASX IFL, ALLIANZ AUSTRALIA LIMITED, TAL HOLDINGS, YOUI PTY LTD