Defined Terms and Documents       

Broad Terms of Reference and Financial Services Industry

Extract from

"Shadow Treasurer Chris Bowen said the royal commission would look at:

• how widespread instances of illegal and unethical behaviour were in the industry;

• how the financial services industry institutions understood and gave effect to their duty of care to consumers;

• how the culture, ethical standards and business structures of Australia’s financial institutions affected the behaviour of their employees and their operation in financial markets;

• whether Australia’s regulators were well equipped the identify and prevent illegal and unethical behaviour in the sector, compared with experiences overseas; and

• any other issues that came to light during the inquiry."

For the purposes of the Labor Party's agenda, the Financial Services Industry would seem to be limited to three Sectors:

1. Banking and Capital Markets

2. Wealth Management

3. Insurance

Collectively, the above three Sectors would provide over 400 Products and Services delivered by over 130 companies that employ over 500,000 staff.