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Parliament Passes Legislation to Implement Further Hayne Royal Commission Recommendations

Media Releases

Date : 09 December 2020

Author: The Hon Josh Frydenberg MP

THE HON JOSH FRYDENBERG MP
Treasurer

MEDIA RELEASE

10 December 2020

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

Consumers and small businesses will be further protected following the passage of legislation to address 20 recommendations 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 further strengthen protections for consumers by:

These changes are 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.

The Government remains focussed on completing implementation of the remaining recommendations of the Hayne Royal Commission.

Ends.

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