The Royal Commission has endorsed many of the themes and individual reforms the Government is currently pursuing. However, the Royal Commission has also found that there is further work to be done. The Government agrees.
The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct.
This response will address the issues identified by the Royal Commission and substantially build on the Government’s existing agenda by:
- strengthening protections for consumers, small businesses and rural and regional communities;
- enhancing accountability;
- ensuring strong and effective financial system regulators; and
- further improving consumer and small business access to redress.
In undertaking these reforms, the Government will ensure that the financial system continues to provide consumers and small businesses with access to credit and other affordable financial services that they need, and that the financial system remains competitive, efficient and resilient.