ob体育 today provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission).
The Update outlines a number of measures across the organisation by which ob体育 is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is to prioritise the recommendations and referrals from the Royal Commission.
ob体育 Chair James Shipton said it was important for ob体育 to regularly account for its progress in implementing the recommendations.聽
鈥榦b体育 is working on the Royal Commission recommendations directed at ob体育 and addressing concerns in the areas highlighted by the Royal Commission.
鈥楢s we have seen in recent weeks, a number of those referrals and case studies are before the courts, and we have more under investigation. As we have also seen, the new regulatory powers provided to ob体育 are enabling early intervention on what we believe are matters of potential significant harm to consumers.
鈥業n some cases we have initiated steps to provide consumers with interim protection ahead of legislative reforms, such as our proposed ban on unsolicited direct sales of life insurance and consumer credit insurance. Our new supervisory initiatives 鈥� Close and Continuous Monitoring and the Corporate Governance Taskforce 鈥� also continue to gain momentum.聽 Finally, we are dedicating significant additional resources to support the Government鈥檚 Implementation Roadmap.
鈥楾his Update, outlining as it does the progress in pursuit of ob体育鈥檚 renewed enforcement mandate, should indicate the sense of urgency and significance that the ob体育 Commissioners and staff are bringing to the task. It also demonstrates that we will continue to use all of the regulatory tools at our disposal to deliver a fair, safe and efficient financial system for all Australians.鈥�