The royal commission's final report referred some of the country's biggest financial institutions to regulators for potential investigation.Credit:Eddie Jim
Unveiling the report on Monday,Treasurer Josh Frydenberg said there had been more than 20 referrals made to the authorities - the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
“My message to the financial sector today is that this misconduct must end,and it must be the interests of consumers first,” Mr Frydenberg said.
Included on the list of businesses referred to ASIC and APRA are some of the nation's largest wealth managers and banks.
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National Australia Bank’s superannuation trustee,NULIS,was referred to the Australian Prudential Regulation Authority (APRA) for potentially breaching a section of the Superannuation Industry Supervision Act. Commissioner Hayne said the case study showed a “lack of insight and accountability” by senior management. NAB said it would review the report.
Commonwealth Bank was referred to ASIC over its selling of superannuation through branches.
The case study,which has already been looked at by ASIC was explored through public hearings,involved CBA receiving 30 per cent of the revenue from a super product sold through its branches.