Royal commission bill passes Parliament
Royal commission bill passes Parliament
The government has passed the first of two tranches of royal commission legislation currently before Parliament, which includes new provisions to enforce industry codes of practice, strengthen super trustee duties and bring insurance claims handling into ASIC’s purview.
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The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020, which was introduced in mid-November, passed Parliament on Thursday.
The bill addresses 20 of 76 final recommendations from the royal commission report, including tougher anti-hawking provisions for super and insurance products, prohibiting super trustees from having a duty to act in the interests of a person other than those arising from their duties as trustee, and allowing provisions in financial services industry codes to be enforceable.
A topsy-turvy year
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Anyone who was hoping for a quiet, uneventful 2020 following the aftermath of the release of the banking royal commission final report would have been disappointed. The year has thrown everything in its power at brokers, the financial services industry and Australia as a whole, as
Malavika Santhebennur recaps.
The coronavirus pandemic, lockdowns, economic shutdown, government survival and stimulus packages, a recession and a mammoth budget deficit all impacted us this year. Amid all this, the government made significant announcements around lending policies and regulations for mortgage brokers. Here, we (attempt to!) summarise the year that was 2020!
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