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Home > Country profiles > Australia > Articles > Article detail

Funds and Financial Services: Budget 2017 update

Monday, 16th May 2017

"Much ink will be spilt on the 2017 Federal Budget’s targeting of the big banks by way of a deposit levy, however the sector may be subject to much greater structural reform by virtue of other measures introduced in the Budget to target dispute resolution, accountability and competition in the financial services sector. This update unpacks those various features of the Budget.

There are three streams to the Government’s budget initiatives in financial services. These are dispute resolution reforms, increased bank accountability and measures to enhance competition in the financial services sector. In addition to these measures, there have been initiatives announced which specifically target the fintech sector and innovation in financial services (these are discussed in our fintech budget update).

Dispute resolution reforms

These changes have been in part driven by the recently released final report of the Ramsay review on external dispute resolution schemes. The central recommendation of the Ramsay review was the establishment of the Australian Financial Complaints Authority (AFCA) as the sole external dispute resolution scheme for the financial sector, replacing the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal. Licensed firms will be required to be a member of AFCA..."

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Source: Gilbert and Tobin
Language: English
Contact: Peter Reeves, Georgina Willcock and Jack Coles

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