Minister for Revenue and Financial Services Kelly O’Dwyer has told delegates of a conference that the government “[got] the timing wrong” on calling the royal commission.
Speaking at the inaugural SMSF Expo in Melbourne, Ms O’Dwyer said she was “greatly disturbed” by the misconduct being uncovered by the royal commission.
“Already the Royal Commission has highlighted in the most profound way, some of the devastating personal consequences that have resulted from corporate misconduct in the financial services sector,” she said.
“Many people have asked why the Government opposed a Royal Commission for so long. And it is a legitimate question. With the benefit of hindsight we should have called it earlier.”
Ms O’Dwyer apologised for not calling for a commission sooner, but added the government had made efforts to rectify problems they were already familiar with.
“I am sorry we didn't, and I regret not saying this when asked earlier this week.The Government did get the timing wrong,” she said.
“What we did get right though, was embarking on an urgent and comprehensive reform program to fix the problems that we knew about.”
ifa covered the royal commission live, and the blog can be accessed here: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog
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