Don't expect a long line of victims to front royal commission: experts | Law

Don't expect a long line of victims to front royal commission: experts

Professor Dimity Kingsford Smith speaks to The Age, Melbourne (6 December 2017) about the royal commission into financial services led by former High Court judge Kenneth Haynes.

"You will probably see the commission run a bit like a trial. I think he will interpret the terms of reference strategically and for expedition to get through the wide term of reference in the short reporting time. I think that the banks will be encouraged that the government has chosen a commissioner who is not averse to the idea of strict legalism," Professor Kingsford Smith said.

Professor Kingsford Smith went on to say that in her opinion, the Hayne royal commission should avoid duplicating the work already done by the Australian Securities and Investments Commission in the many reports they have issued over the last 5 years or so in supervising legal compliance by financial providers in their consumer-facing processes and conduct. "What I think is more important and likely to be more enduring, is to do what APRA is doing with the CBA – to look into the governance, management, accountability and culture of financial services providers, at the middle to upper management below board level," she said.

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