Coronavirus (COVID-19) updates from the Australian Government

Financial Services Royal Commission – Enhancing consumer protections and strengthening regulators

This consultation process has now been completed.
Date
-
Consultation Type
Exposure Draft

On 4 February 2019, the Government released its response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government is taking action on all 76 recommendations.

On 19 August 2019, the Government released its Implementation Roadmap setting out how it will deliver on its comprehensive response to the Royal Commission.

The Government is today releasing exposure draft legislation for public comment which relates to Royal Commission measures to be introduced into Parliament by mid-2020.

Measures

Recommendations 1.6, 2.7, 2.8, 2.9 and 7.2 Strengthening breach reporting

Recommendation 1.15 - Enforceability of financial services industry codes

Recommendations 2.1 and 2.2 - Ongoing fee arrangements and disclosure of lack of independence

Recommendation 3.1: Trustees of Registrable Superannuation Entities (RSE) should hold no other role or office

Recommendations 3.2 and 3.3 - Advice fees in superannuation

Recommendation 3.4 and 4.1 - No hawking of superannuation and insurance products

Recommendation 3.8, 6.3, 6.4 and 6.5 - Superannuation regulator roles

Additional commitment in response to recommendation 4.2 - restricting use of the term 'Insurance' and 'Insurer'

Recommendation 4.3 - Deferred sales model for add-on insurance

Recommendation 4.4 - Cap on vehicle dealer commissions

Recommendation 4.5 - Duty to take reasonable care not to make a misrepresentation to an insurer

Recommendation 4.6 - Limiting avoidance of life insurance contracts

Recommendation 6.14 - Financial Regulator Assessment Authority

Additional commitment in response to recommendation 7.2 – ASIC directions power

Submissions

No submissions are currently available.