Summary

On 31 January, Treasurer Josh Frydenberg announced the release of a raft of draft legislation for consultation proposing to implement the government's response to 22 Financial Services Royal Commission (FSRC) recommendations as well as two additional commitments.

The due date for submissions to the consultation on the draft legislation is the same in each case, the 28 February 2020.

We have prepared a table providing a high level snapshot of the proposed changes and the proposed commencement dates.  You can download it in PDF by clicking the button at the end of this article.

[Note: You can access more detailed summaries of the draft legislation in the 5 February issue of Governance news, which is accessible on the MinterEllison website.]

'On track' to meet its own timelines for implementing the recommendations?

Announcing the consultation, Treasurer Josh Frydenberg said that the government is 'on track to meet the accelerated timetable outlined in our implementation roadmap'.  

[Note: The implementation roadmap referred to appears to the be document released in August 2019.  For a summary see: Governance News 21/08/2019.] 

Mr Frydenberg also provided a brief recap of progress toward implementing the Commission's recommendations to date.  He said that 'over the past 12 months since the Final Report was released, the Government has implemented 16 commitments, has legislation before parliament to implement another 8 and has substantially progressed a further 35 which have been, or are currently being, consulted on ahead of their introduction'.

[Note: For ongoing coverage of the implementation of the Financial Services Royal Commission recommendations, subscribe to MinterEllison Governance News updates.] 

[Sources: Treasurer Josh Frydenberg media release 31/01/2020; Treasury Consultation]