Government reaffirms commitment to implement Banking Royal Commission reforms in full

Today the Government announced a six-month deferral to the implementation of commitments associated with the Banking Royal Commission.

Under the updated timetable, measures previously scheduled for introduction by 30 June 2020 will now be introduced by December 2020. Similarly, measures originally scheduled for introduction by December 2020 will now be introduced by 30 June 2021.

Consumer Action welcomes the Government reaffirming its commitment to implementing much-needed reforms that were recommended by the Banking Royal Commission.

“These reforms are crucial to help protect consumers from financial service industry practices that were shown to have caused severe and long-lasting harm to people across Australia,” said Consumer Action CEO Gerard Brody.

“We appreciate that the fallout from COVID-19 has forced the Government to drastically change its priorities and focus in the short-term. We consider a six-month deferral of these much-needed reforms a sensible compromise.”

“Any further delay creates a greater risk that progress towards these reforms will be lost and consumers – particularly those most vulnerable – will continue to suffer,” said Brody.

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Media contact: Mark Pearce, Media and Communications Adviser | Consumer Action Law Centre | 0413 299 567 | media@consumeraction.org.au

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