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 …
Tag: industry
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
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 …
Recommendation 1.15
Make provisions of industry codes enforceable On 18 March 2019, the Government released a consultation paper: Enforceability of financial services industry codes. The paper sets out a series of questions that will inform the development of legislation to enact the Read More …
Foreword
On 4 February 2019, I released Restoring trust in Australia’s financial system, the Morrison Government’s comprehensive response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. In it, the Government committed to take action on Read More …
Superannuation binding death benefit nominations for indigenous people
The Government will consult with Aboriginal and Torres Strait Islander peoples and relevant representative bodies as well as the superannuation industry about difficulties in using binding death benefit nominations.
4.13 — Universal terms review
Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Government Response The Government agrees to review the merits of legislating universal key Read More …
4.9 — Enforceable code provisions
As referred to in Recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes. In respect of the Life Insurance Code of Practice, the Insurance Read More …
4.7 — Application of unfair contract terms provisions to insurance contracts
The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended to provide a definition of the ‘main subject matter’ of an insurance Read More …
2.4 — Grandfathered commissions
Grandfathering provisions for conflicted remuneration should be repealed as soon as is reasonably practicable. Government Response The Government agrees to end grandfathering of conflicted remuneration effective from 1 January 2021. Grandfathered conflicted remuneration can entrench clients in older products even Read More …