Financial advisers have welcomed the Federal Government’s decision to defer implementation of Hayne royal commission reforms by six months, calling it a “sensible” move in light of economy-wide disruptions created by the virus outbreak.

Treasurer Josh Frydenberg announced the deferment on Friday, saying it is aimed at enabling the financial services industry to focus on planning for recovery and supporting customers who have been affected financially by the pandemic.

“Access to financial advice will be critical for Australians as we work our way through this crisis,” Association of Financial Advisers CEO Philip Kewin said. “We expect that the Government will closely monitor the full impact of the crisis, and continue to assess the right timing for moving forward with these reforms.

“The AFA remains hopeful that this sensible deferral will allow time for more consultation, and looks forward to working with the Government to consider the proposals that have been put forward to improve the exposure draft legislation, in order to ensure that these important reforms are both achievable and practical.”

Under the revised plans, measures the Government was planning to introduce into Parliament by June 30 will now enter the House of Representatives by December. Measures originally scheduled for introduction by December will be deferred to June 30 next year.

Commencement dates contained in royal commission-related exposure draft legislation issued prior to the coronavirus pandemic will also be extended by an additional six months.

“This announcement balances the need to implement the recommendations of the royal commission with the need to ensure our financial institutions are in a position to devote their resources to responding to the significant challenges posed by the coronavirus,” Mr Frydenberg said.