Treasurer Josh Frydenberg released the road map detailing the implementation of the Financial Services Royal Commission and the timelines for implementing the Government response.
The implementation of 90% of the 54 recommendations directed towards the government and the 18 further commitments made by the government will be completed by mid 2020.
Fifteen of the commitments have been implemented. Eight were recommended by the Royal Commission. Seven were from the government’s own legislative agenda regarding issues raised in the Royal Commission.
Five other recommendations are currently in the process of implementation.
The government also introduced legislation regarding changes to mortgage brokers remuneration. See Guerdon Associates’ article on the changes HERE .
The intention is for all Royal Commission recommendations and all further commitments that require legislation to have been introduced by the end of 2020. A sequence of reviews of certain agencies and into the industries involved are scheduled for 2022.
Notably, recommendations relating to extending the Banking Executive Accountability Regime (BEAR) to all APRA regulated entities (including insurers and superannuation funds) will not be legislated until the latter half of 2020.
The release of the roadmap is found HERE .© Guerdon Associates 2024 Back to all articles