Commenting in the Australian Financial Review on the impact of regulation stemming from the Hayne Royal Commission, litigation partner Caroline Goulden says that banks and super funds need to be ready for the changes, rather than “waiting for the ink to dry on the legislation”.
Following the federal government’s decision to fast-track its financial services law reform package, the AFR article reports that lawyers are warning clients in the industry to prepare for an “onslaught of hastily drafted legislation”.
Caroline says she has advised her clients to act now, rather than wait for the news laws to pass.
“We’ve always advised them not to wait for the reforms, but to take into account the culture of the financial services industry and those who conduct it.
“It's changed and they need to ensure everything they do is compliant before the laws change to meet the new standard.”
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