The Commission has been tasked with identifying if misconduct occurred, and if it did, the details surrounding it. In addition, the Commission was also directed to investigate internal processes and the time that organisations took to respond issues.
In the Terms of Reference it was also stressed that the Commission needed to consider the ongoing stability of the finance sector in Australia, the economic implications of any recommendations; including the availability and cost of financial services for the Australian community.
The Commission received 10,140 submissions, 61% related to banking, 12% superannuation and 9% financial advice.
Commissioner, the Honourable Kenneth Madison Hayne AC QC, will submit a final report by 1 February 2019.