Banking News

Government to fast track royal commission follow through

Government to fast track royal commission follow through

(19 August 2019 – Australia) Treasurer Josh Frydenberg has announced the government will accelerate its plans to introduce all the legislation necessary to give effect to the Hayne inquiry's recommendations by the end of next year.

The plan is being billed as the largest financial services law reform package in three decades.

Mr Frydenberg said the plan will not harm competition or restrict the flow of lending.

"It will be done in a way that enhances consumer outcomes
with more accountability, transparency and protections, without compromising the flow of credit and competition,” Mr Frydenberg told The Australian Financial Review.

40 new pieces of legislation will be introduced by the end of next year to fulfil the government’s share of the 76 recommendations in the final report.

Since the report was released in February, the government has implemented 15 of its total commitments, including conducting a capability review into the Australian Prudential Regulation Authority.

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