Coronavirus (COVID-19) updates

img

Legislation to Implement Further Recommendations of the Banking, Superannuation & Financial Services Royal Commission

Media Releases

Date : 11 November 2020

Author: The Hon Josh Frydenberg MP

The Hon Josh Frydenberg MP
Treasurer

MEDIA RELEASE

12 November 2020

LEGISLATION TO IMPLEMENT FURTHER RECOMMENDATIONS OF THE BANKING, SUPERANNUATION & FINANCIAL SERVICES ROYAL COMMISSION

Consumers and small businesses will be further protected under a package of legislation introduced into the Parliament today by the Morrison Government.

The package of legislation addresses 20 recommendations and one additional commitment from the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

This legislation is another major step forward in completing the implementation of the Hayne Royal Commission.

The reforms being introduced will further strengthen protections for consumers by:

These changes will be complemented by providing further clarity regarding the role of the regulators and enhancing the requirements of financial institutions reporting breaches of the law which will ensure significant misconduct is reported and investigated sooner.

With the introduction of these recommendations, the Government is now focussed on completing implementation of the remaining recommendations of the Hayne Royal Commission consistent with the updated implementation roadmap issued following the onset of COVID-19.

Ends.

@JoshFrydenberg on Twitter JOSH ON TWITTER