Victims will get a say in banking royal commission

$75m royal commission will take submissions from individuals.

The $75 million royal commission into banking will take submissions from victims of misconduct, it has been confirmed.

The revelation comes from the Attorney General's department and puts an end to six weeks of speculation about whether those impacted the most will get to have a say.

"The commission will be inviting submissions from members of the public and has been working for some time to design a form for this purpose," a spokesperson says. 

"The form is intended to assist people to provide detailed information addressing the issues that the royal commission is required to examine under its terms of reference," they tell CHOICE.

They did not provide a date for the form's launch, but say it will be available "shortly" on the royal commission's website.

The announcement comes a day after lobby groups volunteered to collate individual cases as part of their submissions, including CHOICE and the Australian Council of Trade Unions.

Think the banks need to treat you better? Tell CHOICE what the Royal Commission should focus on.

People submitting examples of misconduct will not be entitled to compensation, says the Prime Minister.

"A royal commission will not be able to recommend compensation for individual cases, but it will be able to make recommendations that the government may consider," he said during the announcement.

Former high court judge Kenneth Madison Hayne has been appointed to lead as Commissioner. He has reportedly expanded the royal commission's scope to include the $344 billion mortgage broker industry, in addition to its examination of the banking, superannuation and financial services industries.

The commission has already asked for submissions from banks, superannuation and financial services companies, as well as consumer advocacy groups and regulatory bodies. 

An interim report will be submitted by 30 September 2018, with the findings being made available in a final report on 1 February 2019.

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