Policy submissions to the Hayne royal commission have shown “substantial agreement” on extending unfair contract terms to insurance and introducing disclosure reforms, Counsel Assisting, Rowena Orr, told the opening of the final round of hearings today.

Support on the contract issue comes from groups including the Australian Securities and Investments Commission (ASIC), “a number of consumer bodies and most insurers”, Ms Orr says.

A list of 10 financial services reform areas in which submissions show broad support was outlined before witnesses were called.

Several major banks and industry groups back a deferred sales model for some forms of add-on insurance, while broad support for simplification of financial services disclosure rules is tempered by consumer group warnings about maintaining protections.

There is “almost universal support” for increased regulation of expenses-only funeral insurance, including that it should be brought within Chapter Seven of the Corporations Act.

Ms Orr says more than 1000 submissions were received on the royal commission’s interim report, while hundreds more were lodged in response to the sixth round of hearings, which focused on insurance, and the fifth round.

Commonwealth Bank CEO Matt Comyn was the first witness to take the stand today. Also scheduled to appear are CEOs from the other big banks, AMP Acting CEO Mike Wilkins, ASIC Chairman James Shipton and Australian Prudential Regulation Authority Chairman Wayne Byres.

“Our focus is on understanding why misconduct has occurred and on what can be done to prevent future misconduct,” Ms Orr said. “The purpose of this round of hearings is not to hear further apologies or expressions of regret.”

Issues to be covered include remuneration, accountability structures, whether practices of regulators need to change and whether there is a need for new mechanisms to oversee regulators.

“A large number of submissions suggested current laws and regulations could be simplified or clarified to at least some extent,” Ms Orr said.

“That said, some submissions said significant change would bring its own costs and disadvantages, including a period of uncertainty until the application of the new laws had been tested.”

Hearings are being held in Sydney this week and will resume in Melbourne next Monday.