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.”