Malcolm Roberts (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

I move:

(1) That the Senate notes that the Royal Commission into Financial Services made recommendations regarding voluntary codes of practice, including:

(a) recommendation 1– that the Australian Securities and Investment Commission's (ASIC) power to approve codes of conduct extends to codes relating to all Australian Prudential Regulation Authority (APRA) regulated institutions and Australian credit licence holders; that industry codes of conduct approved by ASIC may include 'enforceable code provisions', which are provisions in respect of which a contravention will constitute a breach of the law;

(b) recommendation 1– 2019 Banking Code, the Australian Banking Association and ASIC should take all necessary steps to have the provisions that govern the terms of the contract made or to be made between the bank and the customer or guarantor designated as 'enforceable code provisions'; and

(c) recommendation 4– as referred to in recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes.

(2) The Senate further notes that ASIC stated in their publication "ASIC update on implementation of Royal Commission recommendations" as follows:

(a) ASIC will commence work immediately with the banking industry on appropriate amendments to the Banking Code in relation to each of these recommendations; and

(b) ASIC will work with industry in anticipation of the Parliament legislating reforms in relation to codes and ASIC's powers to provide for 'enforceable code provisions'.

(3) The response by the Minister for Finance (Senator Cormann) to a previous order for the production of documents (no. 332), agreed to by the Senate on 4 December 2019, included no suitable documents.

(4) That there be laid on the table by the Minister representing the Treasurer by 5pm on 24 February 2020 the following documents that relate to enforceable provisions of the Banking Code of Practice:

(a) all emails between the Treasury and any other party; and

(b) all draft or final documents, including but not limited to, internal memos, briefing documents, drafting guidelines and correspondence.

Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Scott Ryan (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Link to this | Hansard source

The government's response to the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released on Monday 4 February 2019, three days after the final report was presented to the government. The government has now implemented 24 commitments and has substantially progressed a further 35 which have been or are currently being consulted on ahead of their introduction.

Question agreed to.