Recommendation Relevant stakeholders Timing Recommendation 1.8 – Amending the Banking Code Australian Banking Association (ABA), individual banks The ABA has announced the amended Banking Code, incorporating recommendations 1.8 and 1.13, will be implemented by March 2020. The Government welcomes the Read More …
Category: Implementation Roadmap
APRA
Recommendation 1.12 – Valuation of land On 25 March 2019, APRA released for public consultation proposed revisions of Prudential Standard APS 220 Credit Quality. Consultation closed on 28 June 2019. APRA intends to finalise the standard in the second half Read More …
ASIC
Recommendation 2.5 – Life insurance commissions review ASIC will include the factors identified by the Royal Commission in undertaking its post implementation review of the 2017 life insurance reforms. ASIC’s review will take place in 2021. Recommendation 6.2 – ASIC’s Read More …
Appendix B: Regulator Implementation Plans
Other Measures
Recommendation 1.11 – A national farm debt mediation scheme The Government is working with states and territories through the Agriculture Ministers’ Forum (AGMIN) to progress work on the establishment of a national farm debt mediation scheme Recommendation 1.5 – Regulating Read More …
Additional commitments
Additional commitment – Independent inquiry into changes in industry practices Additional commitment – Assessment of the effectiveness of changes made by the regulators following the Royal Commission by the (to be established) financial regulator oversight authority
Recommendation 2.6
Recommendation 2.6 – Review of each remaining exemption from the ban on conflicted remuneration. This review will occur as part of the review of measures to improve the quality of financial advice (recommendation 2.3)
Recommendation 2.3
Recommendation 2.3 – Review of measures to improve the quality of financial advice – Consistent with the Royal Commission recommendations, the review will examine all exemptions from the ban on conflicted remuneration, including for general insurance, consumer credit insurance, timeshare Read More …
Recommendation 1.4
Recommendation 1.4 – Council of Financial Regulators and the Australian Competition and Consumer Commission review of changes to mortgage broker remuneration and operation of upfront and trail commissions