2019-20 Federal Budget Report: Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry

The Government has committed significant funding to implement all 76 of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

What was announced

Funding totalling $606.7 million over five years from 2018-19 will be provided to implement the recommendations from the Banking Royal Commission.

Measures to be implemented include:

  • Establishing an industry funded compensation scheme for consumers and small businesses;
  • Providing additional funding to the Australian Financial Complaints Authority to establish a historical redress scheme;
  • Paying compensation owed to consumers and small businesses from legacy unpaid dispute resolution determinations;
  • Providing resources to ASIC to implement the new enforcement strategy;
  • Providing resources to APRA to strengthen its supervisory and enforcement activities;
  • Establishing an independent financial regulator oversight authority to assess the effectiveness of ASIC And APRA;
  • Undertaking a capability review of APRA; and
  • Establishing a Financial Services Reform Implementation Taskforce within the Treasury to implement the Government’s response to the Royal Commission.