The interim report handed down by Commissioner Kenneth Hayne and the Royal Commission’s hearings to date clearly show that some financial institutions have fallen far short of treating Australians honestly and fairly, Treasurer Josh Frydenberg said today.
In a statement following the release of the interim report, the Treasurer said the Government is committed to taking strong action to reform the financial sector.
He also said it has continued to progress a comprehensive reform agenda to ensure institutions and their executives are held to account for illegal behaviour and that the financial system is “safe and robust”.
As part of this reform agenda, Frydenberg said the Government has: established the Australian Financial Complaints Authority (AFCA); created a framework to hold banking executives accountable for their actions via the Banking Executive Accountability Regime; boosted banking and financial services competition to benefit customers; and provided the Australian Securities and Investments Commission (ASIC) with an additional $70 million of funding, as well as “significant new powers”.
“There is clearly more work to be done and the Government looks forward to receiving the Royal Commission’s final report, which is due by 1 February 2019, and acting on its recommendations,” Frydenberg said.
“The Government thanks Commissioner Hayne and the Commission for their outstanding efforts to date.”
