Choice praises 'sensible balance' of RC deferral

11 May 2020
| By Laura Dew |
image
image
expand image

Consumer advocacy guide Choice has welcomed the recommendation from Treasurer Josh Frydenberg that the implementation of the Royal Commission findings be deferred for six months.

The implementation of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was deferred last week to allow firms to deal with the economic fall-out of the COVID-19 pandemic.

Recommendations due in June would be deferred until December while those which had been due in December would be deferred until 30 June, 2021.

Responding to the news, Choice chief executive Alan Kirkland, said the decision “struck a sensible balance”.

“A six-month deferral strikes a sensible balance between recognising the reality of these unprecedented circumstances and the need to legislate reforms to protect consumers, who will need this even more in the coming months,” he said.

“We look forward to working with the Government to finalise the remaining reforms as soon as possible.”

 

 

 

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Ralph

How did the licensee not check this - they should be held to task over it. Obviously they are not making sure their sta...

1 day 13 hours ago
JOHN GILLIES

Faking exams and falsifying results..... Too stupid to comment on JG...

1 day 14 hours ago
PETER JOHNSTON- AIOFP

Must agree to disagree with you on this one Keith, with the Banks/Institutions largely out of advice now is the time to ...

1 day 14 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 3 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 1 week ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND