House debates

Monday, 29 July 2019

Questions without Notice

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

2:21 pm

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I can inform the House that we've already legislated recommendation 3.6, which will prohibit superannuation funds inducing employees. We've already recommended and legislated through this parliament recommendation 3.7, which introduces civil penalties for trustees and directors of super funds. We've already introduced and passed regulations which extend AFCA's remit for financial complaints back to 2008. We've already passed regulations to ensure greater cooperation with AFCA, and legislated product intervention powers about the design and the distribution obligations for ASIC. We've agreed with the states and territories to develop a national approach to farm debt mediation. We announced that Graeme Samuel would chair a review into APRA, and we've actually accepted the recommendations from that APRA review.

We've announced in the budget $649 million of extra funding for ASIC and APRA, which is a 25 to 30 per cent increase. We're extending the jurisdiction of the Federal Court to include a criminal jurisdiction. And the list goes on. We have—

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