O’Dwyer to leave politics

The minister under whose watch the Government beefed up the powers of the financial services regulators and created the Australian Financial Complaints Authority (AFCA) and the Financial Adviser Standards and Ethics Authority (FASEA), Kelly O’Dwyer, has formally declared her exit from politics at the next election.

O’Dwyer, who left the financial services portfolio under the most recent Cabinet reshuffle announced by Prime Minister, Scott Morrison, declared her intention to exit politics at the weekend but became most notable for her defence of the Turnbull Government’s original position in not initiating the Royal Commission into the Banking, Superannuation and Financial Services Industry.

Among the raft measures introduced by O’Dwyer before the Government conceded the need for the Royal Commission were the Bank Executive Accountability Regime (BEAR) and the industry funding model for the Australian Securities and Investment Commission.

O’Dwyer was also the minister under whose watch the Government initiated the Productivity Commission (PC) review into the efficiency and competitiveness of the superannuation industry.

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Seems that this ministry is a poison chalice....

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