The Governor-General has issued the letters patent to former High Court judge Kenneth Madison Hayne AC QC formally establishing the royal commission into the banking, superannuation and financial services industry.
The letters patent requires the royal commission to inquire into the conduct of financial services entities, including "banks, insurers, superannuation trustees, holders of Australian financial services licences and intermediaries, such as mortgage brokers".
In a joint statement, Treasurer Scott Morrison and outgoing Attorney-General George Brandis said commissioner Hayne has been authorised to submit an interim report to the Governor-General "no later than 30 September 2018".
The final report of the royal commission must be submitted by commissioner Hayne "no later than 1 February 2019".
"The financial system plays an important role in the lives of all Australians and we encourage all interested parties to engage with the royal commission," the joint statement said.
