Choice praises 'sensible balance' of RC deferral
Consumer advocacy guide Choice has welcomed the recommendation from Treasurer Josh Frydenberg that the implementation of the Royal Commission findings be deferred for six months.
The implementation of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was deferred last week to allow firms to deal with the economic fall-out of the COVID-19 pandemic.
Recommendations due in June would be deferred until December while those which had been due in December would be deferred until 30 June, 2021.
Responding to the news, Choice chief executive Alan Kirkland, said the decision “struck a sensible balance”.
“A six-month deferral strikes a sensible balance between recognising the reality of these unprecedented circumstances and the need to legislate reforms to protect consumers, who will need this even more in the coming months,” he said.
“We look forward to working with the Government to finalise the remaining reforms as soon as possible.”
AUTHOR
Laura Dew
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
