The Government’s Implementation Plan

In its comprehensive response to the Royal Commission, the Government committed to take action on all 76 recommendations of the Royal Commission and made 18 additional commitments. A table outlining indicative timelines for implementation of recommendations and additional commitments requiring Read More …

Simplifying the law so that its intent is met

A general recommendation is that, as far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated (Recommendation 7.3). In this way, the first, and essential, step to take is Read More …

Simplification so that the law’s intent is met

Recommendation 7.3 – Exceptions and qualifications As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Recommendation 7.4 – Fundamental norms As far as possible, legislation governing financial Read More …

3 Simplification so that the law’s intent is met

Many submissions responding to the Interim Report supported simplification of financial services laws.[1] Industry, community groups and regulators agreed the current law is too complex. The effect of legal complexity on each of these groups differs. What would be achieved Read More …

2 Culture

I have said more than once in this chapter that an entity’s remuneration and incentive arrangements show what the entity values. Hence, consideration of those arrangements may provide a useful starting point for an examination of the entity’s culture. But Read More …

Introduction

I said in the first chapter of this Report that there can be no doubt that the primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who managed and controlled those entities: their Read More …

6.2 The purpose of industry codes

Industry codes of practice occupy an unusual place in the prescription of generally applicable norms of behaviour. They are offered as a form of ‘self‑regulation’ by which industry participants ‘set standards on how to comply with, and exceed, various aspects Read More …