Why executives – and former executives – in the banking, superannuation and financial services sectors should be on standby for scrutiny
As the business world kicks into action for the new year, there may have been little rest over the holidays for directors and officers in the banking, superannuation and financial services industry.
Told just before Christmas that they would be subject to scrutiny as part of the Federal Government’s Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry – for conduct as far back as the beginning of 2008 – it is likely that plenty of reflection is currently taking place for some.
The Royal Commission, to be conducted by Ken Hayne QC, has requested that a wide variety of financial institutions identify any misconduct by the entity (including by its directors, officers or employees or by anyone otherwise acting on its behalf) and if so, the nature, extent and effect of that misconduct.
Misconduct, as defined by the formal terms of reference, may include having broken a Commonwealth, State or Territory law, misleading or deceptive behaviour – or both, breaching trust or duty or unconscionable conduct, or a breach of professional standards.
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