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Government accused of dragging its feet on banking reform

Treasurer Josh Frydenberg has vowed to overhaul the financial services sector by the end of next year

The Federal Government has outlined a timeline for implementing the recommendations from the Banking Royal Commission but the federal opposition has accused the government of dragging its feet on the issue.

Treasurer Josh Frydenberg has put the financial services sector on notice as he unveiled the road map for implementing the royal commission's recommendations

The final report was handed down by Commissioner Kenneth Hayne in February.

Commissioner Hayne made seventy-six recommendations, fifty-four of which were directed at the Government.

The government says it will implement about twenty of its fifty-four recommendations by the end of 2019.

By mid-next year more than fifty will be implemented or have legislation before the Parliament.

And before the end of 2020, all remaining recommendations which require legislation will be introduced.

Treasurer Frydenberg says the road map underlines the government's determination to bring about change to the financial system.

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