On August 19, 2019, the Australian Treasury released its Financial Services Royal Commission Implementation Roadmap, which is part of its commitment to take action on all 76 recommendations contained in the Royal Commission’s final report of February 2019. The final report addresses issues and misconduct in financial services in the country and details recommendations that the government, regulators and the industry should implement.
The roadmap sets out the timelines and how the government will deliver its comprehensive response to the final report, giving clarity and certainty to consumers, industry and regulators. Financial firms are expected to make the necessary changes to their culture and practices, and to put customers at the core of their business.
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