The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …
Category: Government Response
Superannuation binding death benefit nominations for indigenous people
The Government will consult with Aboriginal and Torres Strait Islander peoples and relevant representative bodies as well as the superannuation industry about difficulties in using binding death benefit nominations.
Extension of legislation for PIP/DDO
The Government agrees with the suggestion by the Commissioner to extend the proposed DDOs to apply to NCCP Act products and ASIC Act products and the ASIC PIP to apply to ASIC Act products. The extension of the DDOs will Read More …
Funding for financial counselling
The Government agrees with the suggestion by Commissioner Hayne that there is a need for predictable and stable funding for the legal assistance sector and for counselling services. Financial counselling services play an important role in supporting consumers and the Read More …
Federal Court jurisdiction in relation to criminal corporate crime
The Government will expand the Federal Court’s jurisdiction in relation to criminal corporate crime. The Royal Commission has emphasised that effective deterrence through judicial decisions relies on the timely institution of proceedings and punishment of misconduct. The Government agrees, and Read More …
Additional Government Actions
Additional measure – Federal Court jurisdiction in relation to criminal corporate crime Additional measure – Funding for financial counselling Additional measure – Extension of legislation for PIP/DDO Additional measure – Superannuation binding death benefit nominations for indigenous people Additional measure Read More …
7.4 — Fundamental norms
As far as possible, legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter. Government Response The Government agrees to simplify the Read More …
7.3 — Exceptions and qualifications
As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Government Response The Government agrees to simplify the financial services law to eliminate exceptions and qualifications to the Read More …
7.2 — Implementation of recommendations
The recommendations of the ASIC Enforcement Review Taskforce made in December 2017 that relate to self‑reporting of contraventions by financial services and credit licensees should be carried into effect. Government Response The Government agrees to implement the outstanding ASIC Enforcement Read More …
7.1 — Compensation scheme of last resort
The three principal recommendations to establish a compensation scheme of last resort made by the panel appointed by government to review external dispute and complaints arrangements made in its supplementary final report should be carried into effect. Government Response The Read More …