The Morrison government has announced a six-month deferral to the implementation of the recommendations of the royal commission.
“The deferral will enable the financial services industry to focus their efforts on planning for the recovery and supporting their customers and their staff during this unprecedented time,” Treasurer Josh Frydenberg said in a statement.
Measures the government had indicated would be introduced to Parliament by 30 June 2020 will now be introduced in December. Related exposure draft legislation issued prior to the pandemic will also be extended by six months.
“This announcement today 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,” Mr Frydenberg said.
“The changes will also provide certainty and clarity to all stakeholders about the government’s commitment to implementing the recommendations arising out of the royal commission.”
Josh hope you have not caught the Corona Virus after your coughing fit today!
IFA can you please state exactly what these deferred RC commitments are for those that may have forgotten with everything else that has been going on…
That’s cute you think IFA is an actual reporting site…
Why don’t they do one better and scrub those stupid proposals all together so we can get on with our lives and eventually leave this industry to die in peace
Still hasn’t stopped ASIC telling institutions to turn off Grandfathered Comms up to 9 months before the law says it should.
Isn’t that actually theft of adviser income as legally it should still be theirs to receive to help clients in these cray times.
But no – ASIC jumped the gun and the likes of CFS are only too happy to stick the knife into Advisers too.
yep, especially in the middle of Covid19
As a risky only, I do I have no skin in the game. In my laymans opinion, Section 55 of the Constitution has been breached. But the AFOID could not raise the donations from impacted advisers to mount a High Court Challenge. So boys, you really cant complain. And yes, ASIC have exceeded their authority
“The deferral will enable the financial services industry to focus their efforts on planning for the recovery and supporting their customers and their staff during this unprecedented time”.
This appears to imply that implementing the recommendations from the Royal Commission will mean it will be harder for advisers to support their customers. To which I ask: “why are they implementing the recommendations?”
Well. Thats something!
Let’s hope that there is some sanity here, not only should this be delayed, but it also needs a complete rethink
So, what about Colonial First State and AMP taking away (stealing) advisers CONTRACTED grand fathered revenue prior to the supposes legislated date which was to be 30th Dec 2020????
FPA and AFA why don’t you bloody do something for your members? There was according to Choice almost $1 billion in GF revenue which is 20% of the total annual revenue pool of $5 billion. Why was this not worth fighting for?
It is theft.