Macquarie Group will front the financial services Royal Commission for the first time when the inquiry reconvenes for its final round of public hearings.
Commissioner Kenneth Hayne released the list of entities called to give evidence in the seventh round of hearings, and Macquarie Group is a notable addition to an otherwise predictable lineup.
Despite being a major player in the financial services industry, Macquarie managed to avoid the Royal Commission spotlight while other institutions were scrutinised by the Commissioner and his supporting counsel.
Macquarie will now appear alongside the big banks, AMP and the major industry regulators in the final round of the inquiry to discuss the causes of misconduct within financial services entities and conduct falling below community standards and expectations.
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The hearings will focus on culture, governance, remuneration and risk management practices and explore possible responses, including regulatory reform.
The role of ASIC and APRA in supervising financial services entities, deterring misconduct and taking action in the event of misconduct will also be considered.
While names may be added to the list, the current list of organisations called upon by Commissioner Hayne for the final round are as below:
- Bendigo and Adelaide Bank
- Commonwealth Bank of Australia
- Macquarie Group
The seventh round of public hearings will be held in Sydney at the Lionel Bowen Building, 97-99 Goulburn Street, from Monday, November 19 to Friday, November 23, and in Melbourne at the Commonwealth Law Courts Building, 305 William Street, from Monday, November 26 to Friday, November 30.