Remediation Forecast

The costs to the major banks of remediating misconduct could top $6 billion by the end of 2020. Current provisioning amounts to $2.7 billion, however based on the experience of bank misconduct in the UK this amount is anticipated to increase further.

Many Victims Left with Remediation

The Hayne Royal Commision only lasted one year and was limited to the 'known knowns" where the scandals were already know to the public even if their true extent was not.

Therefore scandals known to APRA and ASIC but which were being cover-up and kept secret were allowed to reman secret.

Victims not called to Testify

Over 10,000 submissions were lodged with the Royal Commision by the victims of misconduct, yet only a handful of victims were called to testify.

Most submissions were not even read, but were filed directly into the waste-paper bin.

Most victims will not receive any remediation as a result of the Hayne Royal Commission

External Dispute Resolution Schemes

The legality and effectiveness of External Dispute Resolution (EDR) schemes to provide remediation to the victims of misconduct was deliberately excluded from the terms of reference of the Hayne Royal Commission so that these schemes could continue to protect the Big Banks and other financial service providers from their victims..