Financial Services Royal Commission – Enhancing consumer protections and strengthening regulators

8 days left to have your say
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

Responding

You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

View our submission guidelines for further information.

How To Respond

Email

FSRCconsultations@treasury.gov.au

Post

Address written submissions to:

Manager
Financial Services Reform Taskforce
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: FSRCconsultations@treasury.gov.au
Phone: Ashlee Hollis +61 2 6263 2111