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6-month snag for banking royal commission reforms
Recommendations from the banking royal commission that were set to be implemented by the end of 2020 have now been deferred for at least six months.
6-month snag for banking royal commission reforms
A statement from the Treasury has reported that it will be delaying the implementation of its as-of-yet unlegislated commitments as a result of the coronavirus.
According to the government department, the deferral will enable the financial services industry to focus its efforts on planning for the recovery and support of both customers and staff.
The updated timetable has pushed back measures that were to be introduced into Parliament by 30 June 2020 to December 2020.
Similarly, all measures originally scheduled to have been introduced to Parliament by December 2020 will now be introduced by 30 June 2021.
According to the government, the deferral “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 decision to defer dates by six months also applies to all draft legislation that was issued prior to the COVID-19 pandemic.
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