Australia’s banking industry say they welcome the Government’s timetable for legislative changes as a result of the Royal Commission and would work with them to implement the recommendations.
Of the 76 recommendations from the Commission, eight were specific to the banking industry, with most changes tabled for completion by 1 March, 2020.
Anna Bligh, Australian Banking Association (ABA) chief executive, said those recommendations included six specific to the banking code.
“The ABA has already drafted provisions implementing five of the changes, had them agreed to by banks and submitted them to the regulators for approval. These are now on track for full implementation by March 2020,” Bligh said.
The sixth recommendation related to the definition of small business and consistent with the Commission’s recommendation, it would change to include businesses with fewer than 100 employees.
The recommendation to change the financial threshold from $3 million to $5 million would be overseen by the Australian Securities and Investments Commission (ASIC) to examine the impact of on credit to small business.
The ABA had established a “Royal Commission Taskforce” that would oversee the industry’s implementation of the recommendations.