Date posted: 6/02/2019 2 min read

How the Banking Royal Commission affects CAs

A detailed summary on the recommendations and ramifications for our members.

In brief

  • The final report of the Banking Royal Commission made 76 recommendations and 24 referrals for potentially criminal conduct.
  • CA ANZ analyses how the recommendations will affect members across a range of specialisations and clients.
  • This includes for financial, superannuation and tax advisers, those who provide advisory and risk management services and those with small business and farming clients

Webcast with our experts

Hear firsthand from our Tax, Superannuation and Financial Planning Leaders on how to navigate the post Royal Commission landscape.

 

Although the accounting profession hardly rate a mention in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, many of the recommendations will impact CAs.

This includes CAs in public practice, particularly those who provide financial planning services and those who work in APRA regulated entities. Large and mid-tier firms providing specialist service offerings to clients in the financial services industry are likely to be heavily engaged in implementing Commissioner Hayne's recommendations.

Most importantly, Hayne envisages a shift to greater professionalism underpinned by ethical standards that are actually enforced. CAs in all fields should be heartened by this.

Summary

The final report made 76 recommendations and 24 referrals for potentially criminal conduct, including three of the major banks.

Chartered Accountants Australia and New Zealand has put together a brief overview of the Commissioner's major recommendations here.

Analysis: How does the final report impact members?

We have taken a deep dive look into exactly how the recommendations will affect members across a range of specialisations and clients.

Banking Royal Commission Impact Report

Download the entire Impact Report to find out how the Banking Royal Commission affects Chartered Accountants across a range of specialisations and clients.

Download pdf here

Banking Royal Commission Interim Report Submission

Read our submission on the Interim Report in which we call for reducing unnecessary regulatory and licensing barriers to attract and retain more accountants in the financial advice industry.

Read more