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
Tag: change
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
Completed – No Action Required
Recommendation 1.1 – No change to the National Consumer Credit Protection Act 2009 (NCCP Act) The Government agreed not to amend the NCCP Act obligation to assess unsuitability of credit contracts. Recommendation 1.9 – No extension of the NCCP Act Read More …
Recommendation 3.7
Civil penalties for breach of covenants and like obligations These changes were implemented as part of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019, which received Royal Assent on 5 April 2019
Recommendation 3.6
No treating of employers These changes were implemented as part of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019, which received Royal Assent on 5 April 2019.
6.2 — ASIC’s approach to enforcement
ASIC should adopt an approach to enforcement that: takes, as its starting point, the question of whether a court should determine the consequences of a contravention; recognises that infringement notices should principally be used in respect of administrative failings by Read More …
1.4 — Establishment of working group
A Treasury‑led working group should be established to monitor and, if necessary, adjust the remuneration model referred to in Recommendation 1.3, and any fee that lenders should be required to charge to achieve a level playing field, in response to Read More …
1.3 — Mortgage broker remuneration
The borrower, not the lender, should pay the mortgage broker a fee for acting in connection with home lending. Changes in brokers’ remuneration should be made over a period of two or three years, by first prohibiting lenders from paying Read More …
Implementing the reforms to achieve lasting change
The Government will ensure these reforms are implemented efficiently and effectively. To achieve these goals, the Treasury Royal Commission Taskforce, which made several submissions to the Royal Commission, will continue as a Financial Services Reform Implementation Taskforce. To ensure ongoing Read More …
Recommendations: Answering the key questions
As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek Read More …