Recommendation 14

The Sub-Committee understands and supports the Treasury in carrying out reforms that follow the appropriate processes. Reforms to the financial services rules should be evidence-based, taking into consideration views from both industry and wider society. This engagement takes time and must be done correctly, giving stakeholders sufficient time to consider their responses. Nevertheless, the time taken between the Treasury announcing a policy objective and the implementation of changes to rules has been too long. Often Treasury consultations end, and the next stage of the process stalls at this point, with Treasury responses and next steps taking considerable time.