Royal Commission of Australia and its Findings

ROYAL COMMISSION OF AUSTRALIA AND ITS FINDINGS

Table of Contents
1.0 Introduction................................................................................................................................3
2.0 Problem Identification and Probable Solution...........................................................................4
2.1 Problem One:.........................................................................................................................4
2.2 Problem Two:.........................................................................................................................4
3.0 Conclusion.................................................................................................................................6
References........................................................................................................................................7
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1.0 Introduction
Banking, Insurance and Finance Services industry may be considered to be the backbone of an
economy. The operations of the industry affect the entire economy of a nation to a considerable
extent. One of the primary aims of the Government of a country revolves around smooth and
efficient functioning of these industries for the sustainable growth and development of the
economy of the country (Matthews, 2016). For this purpose, Governments generally set up a
regulatory body that may be primarily held responsible for overseeing the industrial activities,
control the operation by imposing relevant legislation and monitor and follow up the compliance.
The instant report deals with few of such initiatives as undertaken by the relevant regulatory
body in Australia in recent years.
In Australia, a regulatory body called Royal Commission (hereinafter may be referred to as “the
Commission”, or “the regulatory body”, as the case may be) has been set up under the Royal
Commissions Act 1902, the act of Parliament. The Commission is responsible for maintaining
transparency in the operation of banking and financial service sectors within the country
(Royalcommission.gov.au, 2019).
At the very beginning of the study, the researcher provides a brief overview of the Commission
followed by some of the major identification or inquiry made by the regulatory body in recent
years. The report goes on explaining the issues and probable solutions recommended by the
Commission in this regard. Finally, the researcher wraps up the discussion by way of concluding
note.
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