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 Read More …
Tag: response
Financial Services Reform Taskforce
To support efficient and effective implementation of the Government’s response, the Treasury Royal Commission Taskforce has continued as the Financial Services Reform Taskforce. The Government has provided $12.1 million to Treasury and the Office of Parliamentary Counsel (OPC) for implementation‑related Read More …
Additional Commitments
Additional commitment in response to Recommendation 2.4 — Direct ASIC to undertake grandfathering review On 22 February 2019, the Government directed ASIC to monitor and report on industry actions from 1 July 2019 to 1 January 2021 (the period leading Read More …
Recommendation 6.13
Regular Capability Reviews — undertake an APRA capability review The Government committed to regular capability reviews, commencing with an APRA Capability Review led by Graeme Samuel AC (Chair), Diane Smith‑Gander and Grant Spencer in March 2019. On 17 July 2019, Read More …
Significant progress has already been made
Upon releasing the Government’s response, we immediately began taking action to implement our reform agenda. To date, the Government has implemented 15 commitments and has progressed publicly the implementation of another five commitments.
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 …
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 …
4.12 — Accountability regime
Over time, provisions modelled on the BEAR should be extended to all APRA‑regulated insurers, as referred to in Recommendation 6.8. Government Response The Government agrees to this recommendation, consistent with the Government’s response to Recommendation 6.6 about the extension of Read More …
3.8 — Adjustment of APRA and ASIC’s roles
The roles of APRA and ASIC with respect to superannuation should be adjusted, as referred to in Recommendation 6.3. Government Response The Government agrees to this recommendation, consistent with the Government’s response to Recommendation 6.3 which sets out the general Read More …
Restoring Trust in Australia’s Financial System
On coming into office in 2013, the Government inherited a financial system in need of reform. While the system had withstood the challenges of the global financial crisis, high profile financial collapses had highlighted gaps in how the regulatory framework Read More …