The Government’s response to the Royal Commission, Restoring trust in Australia’s financial system, committed the Government to taking action on all 76 recommendations of the Royal Commission.
Of the 76 recommendations, 54 were directed to Government. 18 further commitments were made by the Government based on comments and observations in the Royal Commission’s final report.
The response represents a comprehensive package of reforms to:
- strengthen and expand protections for consumers, small businesses and those in rural and remote communities;
- ensure we have strong, effective regulators;
- enhance the accountability of financial firms, their senior executives and boards; and
- further improve remediation and redress for consumers and small businesses harmed by misconduct.
In addition to the recommendations the Government will progress, 12 recommendations require action by the regulators — the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) — and 10 recommendations require action by industry.