Final report handed to Governor-General

by Rebecca Pike04 Feb 2019

The Royal Commission final report has been handed over to the governor-general.

It is thought Commissioner the Hon Kenneth Hayne has produced a document well over 1000 a thousand pages long.

The submission of the report brings to an end months of scrutiny in which the misconduct of the banking sector was brought to light in public hearings.

Over the course of its work, the Commission reviewed over 10,000 submissions from the Australian public, completed 69 days of public hearings and considered thousands of documents provided by entities, regulators and consumer advocacy groups.

The final report will be publicly available on the Royal Commission's website once the report has been tabled in the Parliament.

It is expected the treasurer will release the report to the public on Monday afternoon at 4.10pm.

For the banks, the report is expected to be scathing. But many newer banks are coming into the industry at a time of uncertainty and the fate of the mortgage broking industry is the worry on everyone’s minds.

For 86 400, which launched last year, the digital bank hopes competition continues in the sector after the report, particularly with the use of mortgage brokers.

George Srbinovski, head of mortgages, said, “The Royal Commission has underscored the need to put customers first, amid an increasingly competitive and complex market.

“Mortgage brokers have an increasingly important role to play in this, as they encourage competition and provide Australians with greater choice and better value.

“Any heavy reforms of the broker industry could therefore result in giving more power to the Big Four, which would have a detrimental effect on consumer choice.

“At 86 400, we want to work alongside brokers to transform the home loan process, because we believe that brokers have an important role to play in delivering value and choice to consumers.

“Ultimately, we hope the Royal Commission supports continued competition in the sector, and allows brokers to continue to provide consumers with clear choice.”