Assistant treasurer Josh Frydenberg has poured cold water over supposed backbench support for a royal commission into the financial planning industry.
Speaking to ABC TV’s Insiders program yesterday, Mr Frydenberg said that while the reports of wrongdoing and adviser sackings at NAB are “various serious allegations”, that the current regulatory framework is sufficient to tackle the problem.
“In terms of a royal commission, we are clearly doing a lot of work through the ASIC process and APRA. I mean, the banks are already heavily regulated,” Mr Frydenberg said.
“I've spoken to the chairman of ASIC, Greg Medcraft, and he said this is an absolute top priority for them.
“We've also got a series of reports that we're responding to, including one by a parliamentary joint committee which was bipartisan which looks at boosting the professional, the educational and the ethical standards in the sector through an exam, registration processes, code of ethics and so forth.”
Mr Frydenberg said the introduction of the adviser register – due to launch later this month – and the government’s response to the Murray Inquiry report will also help alleviate concerns about the industry.
The comments follow Senator John Williams telling ifa that support for a royal commission is gaining traction among Coalition MPs following the publication of allegations of poor advice at NAB.
ifa is exclusive media partner for an upcoming finance industry luncheon with Mr Frydenberg in Melbourne. For more information visit https://www.ifa.com.au/pdf/FRYDENBERG-Luncheon-Invite.pdf
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