Insurance sector goes before HoR ctee

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on April 28 and 29, as part of its continued review of the four major banks and other financial institutions.

The insurance sector is the second industry to appear before the ctee, after the four major banks appeared in November.

Treasurer Josh Frydenberg last August released a royal commission implementation road map, which outlines how the Morrison government will move on all recommendations requiring legislation by the end of 2020, of which one-third were planned to be finalised in 2019.

On announcing the inquiry, ctee chair Tim Wilson said the hearings were “an important mechanism for the parliament to publicly scrutinise and hold Australia’s four major banks to account”.

“The committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the (financial services royal commission) [FSRC]),” he said.

He said given “the widespread misconduct” across the financial services sector identified at the FSRC, it was important financial institutions were held accountable and to ensure “they make the crucial improvements needed to start restoring trust in our financial institutions”.

The ctee’s future hearings on financial services, will extend to smaller banks and the super and financial advice sectors.