Government Issues Financial Services Royal Commission Implementation Roadmap

On 19 August 2019, the Government released its plans on how it would respond to the recent Royal Commission into financial services.

The Treasurer, the Hon Josh Frydenberg MP, described how the comprehensive reform package would become the largest since the Corporate Law Economic Reform Program (CLERP) in the 1990’s, with 24 streams of work currently underway within Treasury to bring amendments to legislation before the Parliament. An additional $9.3 million has been allocated to Treasury to ensure the Government’s timetable can be met.

The Commission’s made 76 recommendations, in its final report released in February 2019, many of which (approx. 40) will require amendments to legislation. The Government in its response announced a further 18 commitments to address issues raised in the Final Report.

Timeline:

  • the Treasurer stated that by the end of the 2019, more than 20 commitments will either have been implemented or legislation will be before the Parliament;
  • By mid 2020, more than 50 commitments will have been implemented;
  • by the end of 2020 all commitments will have had legislation introduced into Parliament.

In three years’ time the Government has committed to a post implementation review to assess how well the reforms have been implemented and to help determine if further changes might be required.

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