The Financial Services Council has urged the Government to properly scrutinise proposed legislation resulting from the Hayne royal commission.

These reforms should be treated with the same diligence and rigour as any other legislative change, CEO Sally Loane says.

“We cannot end up in a situation where well-intended reforms deliver poor customer outcomes down the track,” she said.

“It makes no sense to ram through new reforms in a way that could damage our economy, hurt small business or harm consumers.

“While we must move quickly to repair the sector’s damaged reputation, and ensure consumers are able to trust the people, products and services in our sector, it was only eight days ago that the final report of the royal commission was released by the Government.”

Ms Loane says “comprehensive industry consultation” is required to ensure there are no unintended consequences from any technical changes.