Enforceability of financial services industry codes

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that certain provisions of financial sector codes should be ‘enforceable code provisions’ (see recommendation 1.15).

In its response to the Royal Commission, the Government agreed to this recommendation to provide the Australian Securities and Investments Commission (ASIC) with additional powers to approve and enforce code provisions.

This consultation paper sets out a series of questions which will inform the development of legislation to enact the Government’s commitment to implement recommendation 1.15.