QUESTIONS WITHOUT NOTICE › Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Mr FRYDENBERG (Kooyong—The Treasurer) (14:17): I can confirm to the House that this parliament has actually passed legislation implementing the royal commission's recommendations, including recommendation 3.6 to prohibit super funds from inducing employees and recommendation 3.7 introducing civil penalties for trustees and directors of super funds. We have also passed regulations that extend AFCA's remit, in terms of dealing with financial complaints, back to 1 Jan 2008. We have legislated product intervention powers— The SPEAKER: The Manager of Opposition Business has the call on a point of order. Mr Burke: The question simply asks what bills are before the House. It doesn't ask for the history of previous parliaments. That was why the question was originally directed where it was. The SPEAKER: I think that's a reasonable point but I don't at all think what the Treasurer has said up to this point is unreasonable in terms of giving some context. He's on the policy topic but he does need to bring himself to that aspect of the question or wind his answer up. Mr FRYDENBERG: There are 76 recommendations. We're taking action on all 76. Currently we have exposure draft legislation to end grandfathered commissions for financial advisers. After that consultation it will make its way to the parliament and we'd expect those opposite to support our legislation. But the point remains that, after the royal commission was handed to us, we took four days to respond; those opposite took 22 days. We have already legislated a significant number of recommendations from the Hayne royal commission. Others are in the pipeline. We're taking great care to do this properly, to get this right, so Australian consumers get a better deal.