Independent Review – Department of the Treasury
The Financial Services Royal Commission identified numerous instances where the conduct of members of the banking, superannuation and financial services industry caused considerable detriment to consumers, and that there are systemic roots to much of this conduct. Hence, the Commissioner recommended a broad suite of measures, including regulatory changes, aimed at improving the conduct of the industry and reducing harm to consumers.
On 19 August 2019, the Government released its Financial Services Royal Commission Implementation Roadmap. The Roadmap is one of the first elements of the response and provides timelines for implementing the Government response, giving clarity and certainty to consumers, industry and regulators.
Consistent with the Government’s Regulation Impact Statement (RIS) requirements, the Department of the Treasury certified that the Financial Services Royal Commission Interim and Final Reports undertook a process and analysis equivalent to a RIS. For matters beyond those outlined in the Interim and Final Reports, the Treasury also certified other independent reviews and RIS-like processes that resulted in analysis equivalent to a RIS. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews and RIS-like processes used in lieu of a RIS.
The Treasury estimates average regulatory costs for the package of measures to be $343.7 million a year for businesses and $15.6 million a year for individuals. The OBPR has agreed to the estimates.
Financial Services Royal Commission Reports
Productivity Commission Inquiry Report – Superannuation: Assessing Efficiency and Competitiveness