Both ASIC and APRA have moved to recalibrate 2020 priorities in the face of COVID-19. The regulators are moving to delay all non-time critical regulatory priorities till at least 30 September 2020. ASIC and APRA will be focusing their efforts on responding to COVID-19.
For ASIC this means there will be a delay on the Remuneration Governance Review report.
We expect this report will have some startling revelations that would need due board attention, free from distractions of COVID-19. Hence, the deferral of its release until boards have the bandwidth to accommodate its findings is probably wise.
APRA understandably has its hands full coping with assisting banks assist all of us. In addition, bank boards and superannuation funds have no time right now for understanding and dealing with the significant changes that would be required by the new CPS 511 pay regulation.
This means a delay in the release of APRA’s formal response to public consultations on CPS 511. See HERE for the initial response from APRA Chair Wayne Byres and HERE for Guerdon Associates own response.
Overall this will result in a major pushback of the Hayne Royal Commission timeline of implementation. See HERE for the initial pre-pandemic roadmap. This would lead to delays for the likes of FAR as well. See HERE .Back to all articles