Holders of AFSL now have to provides all relevant documents and records to AFCA.
Extends civil penalties to superannuation fund trustees, in additions to civil and criminal penalties to directors, for breach of their best interest duty.
. Among the recommendations tabled in the final report is the creation of a new oversight body for the industry's chief regulators – ASIC and APRA.
Comprised of a three-member board, the report said the new oversight authority should be tasked with “[assessing] the effectiveness of each regulator in discharging its functions and meeting its statutory objects.”