The implementation of recommendations from the Royal Commission will be deferred for six months to allow the industry to deal with the impact of COVID-19.
In a statement, the Treasurer Josh Frydenberg said there would be a deferral to allow the financial services industry to focus on the economic recovery and supporting customers.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations had originally been scheduled to be introduced in June and December, 2020. Under the new rules, they would now be introduced by December 2020 and June 2021.
Frydenberg said: “This announcement balances the need to implement the recommendations of the Royal Commission with the need to ensure our financial institutions are in a position to devote their resources to responding to the significant challenges posed by the coronavirus.
“The changes will also provide certainty and clarity to all stakeholders about the Government’s commitment to implementing the recommendations arising out of the Royal Commission.”
Since the final report from Commissioner Kenneth Hayne was released, some 24 commitments had already been implemented.