Australian Financial Services Subject to Perfect Storm of Enforcement
Recent strategies and initiatives announced by Australia's corporate and prudential regulators and the Australian government's release in August 2019 of its Financial Services Royal Commission Implementation Roadmap provide a very clear signal—a new wave of regulatory proceedings is gathering against financial services institutions, their directors and other officers, and will hit Australian boardrooms before the year's end.
The government's Roadmap outlines an ambitious agenda over the next several years, including the introduction of significant legislative reform, to give effect to all 76 recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Roadmap also details a further 18 commitments on the part of the government which have been developed in response to the observations of Commissioner Hayne in the Final Report.
