The Morrison Government’s commitment to implementing recommendations from the Hayne Royal Commission has been welcomed by Industry Super Australia (ISA).
“We welcome the Government’s commitment and the ambitious reform program they have set out and we stand ready to work with them as they implement these important protections for consumers,” ISA Chief Executive, Bernie Dean said.
The ISA coincides strongly with the Government’s implementations as they believe the legislative reform should not compromise consumers’ best interests.
The latest legislative timetable is expected to deliver on:
- The requirement that ongoing fee arrangements must be renewed annually.
- Introduction of a new disciplinary system for financial advisers.
- Bans on hawking of super products.
“The Royal Commission did a very good job of identifying where the problems and misconduct were – now the Government must get on and fix them,” said Mr Dean.