Labor zeroes in on adviser commissions

Alex Burke,  Senior Writer,  No More Practice Education

With the election fast approaching, it’s worth considering how a potential Labor government would act on the recommendations made in the final Royal Commission report.

Arguing that the Morrison Government is “hiding behind weasel words and delaying, watering down or rejecting at least 15 recommendations to protect their mates in the top end of town,” Labor said it would implement 75 recommendations “in full” – in some cases before the election.

Topline measures include taking “decisive action to establish a comprehensive victim compensation package” – partly through increasing AFCA compensation caps –  as well as “ending conflicted remuneration in mortgage broking” and requiring major companies, industry bodies and regulators to publicly report to the Royal Commission implementation taskforce every six months.

Let’s see what Labor has in store for advice:

Safe harbour provisions

As discussed in our initial coverage of the final report, Commissioner Hayne recommended considering whether the safe harbour provision should

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