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
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
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