By Paulina Duran
SYDNEY (Reuters) – A government-ordered inquiry into Australia’s financial sector questioned on Wednesday whether the insurance industry’s system of self-regulation should be overhauled amid evidence of widespread misconduct.
The Royal Commission, as the powerful inquiry is called, said in a paper it is considering whether laws should be strengthened to protect consumers. It will accept comments from the public until Oct. 25 before making a recommendation to the government.
“Is the current regulatory regime adequate to minimize consumer detriment?” the inquiry, headed by former judge Kenneth Hayne, asked in the paper.