In its comprehensive response to the Royal Commission, the Government committed to take action on all 76 recommendations of the Royal Commission and made 18 additional commitments.
A table outlining indicative timelines for implementation of recommendations and additional commitments requiring Government action is at Appendix A and regulator action is at Appendix B.
In progressing the design and implementation of the reforms, the Government will look to do so in a way that is consistent with the Royal Commission’s recommendations that, as far as possible:
- exceptions and qualifications to generally applicable norms of conduct be eliminated; and
- legislation applying to financial services firms expressly identify what fundamental norms of behaviour are being pursued.