Recommendation 1.7 – Removal of point‑of‑sale exemption Recommendation 1.15 – Enforceable code provisions for industry codes of conduct Recommendation 2.1 – Annual renewal and payment for financial advice Recommendation 2.2 – Disclosure of lack of independence of financial advisers Recommendation Read More …
Tag: consumer
Measures to improve consumer protections
Recommendation 1.2 – Mortgage broker best interests duty Recommendation 1.3 – Mortgage broker remuneration (consistent with the Government’s response) Recommendation 2.4 – Ending grandfathered commissions for financial advisers (legislation introduced on 1 August 2019) Recommendation 4.2 – Removing the exemptions Read More …
Keeping industry accountable
The Government expects that firms and industry associations will implement the Royal Commission recommendations directed to them. These recommendations will: provide greater protections for bank customers, including vulnerable consumers, small businesses and farmers; allow for greater sanctions to be imposed Read More …
Improving Access to Redress
Further improving consumer and small business access to redress The Government is committed to ensuring consumers and small businesses can access redress when they suffer from financial sector misconduct. For too long, consumers and small businesses have missed out on, Read More …
Strengthening protections
Strengthening protections for consumers, small businesses and rural and regional communities All Australians have the right to be treated fairly in their dealings with their financial firms. This is critical to ensuring that Australians can confidently engage with, and have Read More …
The Government’s comprehensive reform agenda
The Government’s response to the Royal Commission, Restoring trust in Australia’s financial system, committed the Government to taking action on all 76 recommendations of the Royal Commission. Of the 76 recommendations, 54 were directed to Government. 18 further commitments were Read More …
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 …
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 …
6.4 — ASIC as conduct regulator
Without limiting any powers APRA currently has under the SIS Act, ASIC should be given the power to enforce all provisions in the SIS Act that are, or will become, civil penalty provisions or otherwise give rise to a cause Read More …
4.5 — Duty to take reasonable care not to make a misrepresentation to an insurer
Part IV of the Insurance Contracts Act should be amended, for consumer insurance contracts, to replace the duty of disclosure with a duty to take reasonable care not to make a misrepresentation to an insurer (and to make any necessary Read More …