The Royal Commission revealed serious ethical faults in the Australian finance sector. Now the government has revealed how it plans to fix them.
Treasurer Josh Frydenberg has published a document called Restoring Trust in Australia’s Financial System – Financial Services Royal Commission Implementation Roadmap. The roadmap is based around the 54 recommendations from the financial services royal commission that called for government action.
There were 76 recommendations in total. Of those, ten were for the industry and 12 were for regulators.
Frydenberg said that “close to 90 per cent of our commitments will have been implemented” by mid-2020. He continued, “Implementing the recommendations of the Royal Commission are critical to restoring trust and confidence in Australia’s financial system and part of the Morrison Government’s plan for a stronger economy.”
The plan also included the pledge to, within three years, set up an independent review to assess the extent to which changes in industry practices have led to improved consumer outcomes and the need for further reform.
That is not the only way that the finance sector is changing Down Under. Over the past few years, the country has also seen a rise in challenger banks.
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