Implementation of the Royal Commission recommendations

On Monday 4 February 2019, the Treasurer released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, go further.

The Government has implemented the following Royal Commission recommendations relevant to financial advice:

• Breach reporting, investigation and compensation
• Reference checking and information sharing
• Disclosure of Lack of Independence
• Ongoing Fees Arrangements
• Superannuation advice fees
• Financial planner registration
• Compensation Scheme of Last Resort (CSLR)