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Banking Royal Commission lock-up

14 February 2019
 

Representatives from the Law Council attended the Royal Commission into the Banking and Financial Services Industry report release lock-up in Canberra last week.

Director of Policy, Natasha Molt, Chair of the Financial Services Committee, Henrietta Thomas, and Communications Adviser, Anne-Louise Brown, had the task of poring through the extensive report in three hours, highlighting the key points of interest for the Law Council.

The Hayne Report was comprehensive and addressed many of the issues raised in the Law Council’s submission. Greater consumer protections, increased penalties for law breakers, expanded enforcement powers for regulators and industry-wide legislative simplification were among sweeping changes recommended by the Royal Commission into the Banking and Financial Services Industry. These included:

Changes designed to protect consumers, meaning:

Increased penalties for those breaking the law, including:

Expanded enforcement powers, meaning:

The Law Council also noted that measures to simplify existing law would require clear definition of generally applicable norms of conduct to ensure the removal of exceptions and qualifications in law are appropriate.

The Law Council maintains that a referral to the Australian Law Reform Commission is needed to develop propositions for simplification and related matters.

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