FSC nominates last resort compensation as major challenge
The Financial Services Council (FSC) has nominated an executive accountability regime and a compensation scheme of last resort as being among the challenging Royal Commission issues remaining to be dealt with by the Federal Government.
In a summing up of the legislative changes passed by the Government in the final weeks of the Parliament, the FSC’s deputy chief executive, Blake Briggs, said the organisation welcomed the changes which continued the Government’s progress towards closing out the 76 recommendations of the Royal Commission.
“Several important recommendations remain to be considered in detail, however, which will form part of the third tranche of the Government’s implementation roadmap,” he said. “These include expansion of the Executive Accountability Regime, a new disciplinary body for financial advisers and the thorny issue of designing a workable compensation scheme of last resort.”
Briggs suggested that the next tranche of the Royal Commission changes were likely to be the most complex.
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