Government announces Hayne Royal Commission implementation timetableAugust 26, 2019

On 19 August the government announced its financial services Royal Commission implementation roadmap.
Of key interest in the superannuation sphere is as follows:
  • Legislation to be consulted on and introduced before July 2020
    • Recommendation 3.1 – No other role or office for trustees of Registrable Superannuation Entities (RSE)
    • Recommendation 3.2 – No deducting advice fees from MySuper accounts
    • Recommendation 3.3 – Limitations on deducting advice fees from choice superannuation accounts
    • Recommendation 3.4 – No hawking of superannuation products
    • Recommendation 3.8 – Adjustment of APRA’s and ASIC’s roles in superannuation
    • Recommendation 6.3 – General principles for ASIC and APRA to co-regulate superannuation
    • Recommendation 6.4 – ASIC as conduct regulator for superannuation
    • Recommendation 6.5 – APRA to retain current functions for superannuation
    • Recommendation 6.9 – Statutory obligation for APRA and ASIC to co-operate and share information
    • Recommendation 6.14 – A new oversight authority for APRA and ASIC
    • Recommendation 7.2 – Implementing the ASIC Enforcement Review Taskforce’s recommendations to improve the breach reporting regime
    • Additional commitment in response to Recommendation 7.2 – Implementing the ASIC Enforcement Review Taskforce’s directions power recommendations.
  • Legislation to be consulted on and introduced before January 2021:
    • Recommendation 7.1 – Compensation scheme of last resort
    • Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees
    • Recommendation 4.12 – Extending the BEAR to APRA-regulated insurers
    • Recommendation 6.6 – Joint administration of the BEAR
    • Recommendation 6.7 – Statutory amendments to facilitate co-regulation
    • Recommendation 6.8 – Extending the BEAR to all APRA-regulated financial services institutions
    • Additional commitment – extension of the executive accountability regime to non-prudentially regulated financial entities to be administered by ASIC.

Financial Services Royal Commission Implementation Roadmap

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