The Hayne Royal Commission into the BANKS
The Letters Patent have been signed. We suggest you read through. It appears the Terms are narrowed down to be looking into and focusing upon "misconduct." They will be looking for misdemeanors rather than criminal activity. Yes they include Banks, Financial Services, Superannuation, Insurance and employees ie sellers. Misconduct, could include the CEO's engineering the serviceability calculator and the tweaking of information electronically via the Tracker to inflate and misrepresent actual incomes. It could also mean the misrepresentation of assets and liabilities for the purpose of approving loans that ought to have, in good conscience, been otherwise rejected. The Commissioner can refer criminal conduct to the relevant authorities. He can also look into the effectiveness and ability of regulators to identify misconduct.
Misconduct can fall into a category of "misdemeanor"(say less than $300) or a felony or criminal intent.
Cleverly, the Commissioner can ignore anything he thinks has been appropriately dealt with, or will be, by another Inquiry. Another OUT: You may decide NOT to inquire into any matter relating to (a - j). His decision. That's just about everything listed above. It then suggests the Commission can inquire into (a-j) if Commonwealth constitutional powers extend to those subjects of inquiry.
The Commissioner cannot deal with anything that relates to macro-prudential policy or regulation: as to structure role and purpose of financial regulators that is concerned with containing systemic risk which can have widespread implications for the financial system as a whole. He must also make his Inquiry as expeditiously as possible: ie a QUICKIE.
My guess is around two months for each subject. Its a token effort but it may prove to be well known for what it had no time left to look at. It will be interesting to see whom the Royal Commissioner calls as his witnesses.
https://financialservices.royalcommission.gov.au/Pages/Terms-of-reference.aspx