Appendix C: Industry Implementation

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 …

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 …

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 …

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 …

4.7 — 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Grandfathering provisions for conflicted remuneration should be repealed as soon as is reasonably practicable.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 …