Final ASIC Financial Services Royal Commission Case
(9 December 2021 – Australia) The Australian Securities and Investments Commission (ASIC) has initiated its final legal case stemming directly from the 2017 Hayne financial services royal commission.
The move concludes any further court action for banks facing misconduct charges for incorrectly charging billions in fees of both retail and business customers.
When royal commissioner Kenneth Hayne's final report submitted to the Governor-General on 1 February 2019, it referred 13 cases to ASIC for investigation. In addition, 32 emotive case studies were examined to see if banks should face prosecution. Of the 45 investigations only 20 "concluded with no further action".
all 45 cases were thoroughly investigated — with examination of the evidence and notices compelling people to attend interviews — but some had insufficient evidence to launch a legal action in court. But I don't think that means that bank customers or consumers should think, 'that's disappointing', because a whole lot of those matters didn't proceed” stated ASIC Deputy Chair, Sarah Court.
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