Treasury has stopped accepting submissions on its review of discretionary mutual funds and direct offshore foreign insurers – but it’s not saying when it will implement the recommendations of the review.

Last December Treasury released a consultation paper seeking comments on the key findings of the review. Now it’s received public submissions it wants to take some time to consider them.

A Treasury spokesman told Sunrise Exchange News the next step is for Treasury to consider the points raised in the submissions, then go about implementing the recommendations.

“We’re not in a position at this time to give a timeframe on how long this will take.”

Submissions containing mixed responses were accepted from a number of industry organisations, such as the National Insurance Brokers Association, the Insurance Council of Australia, Dexta, Marsh, QBE and the Underwriting Agencies Council.  They can be viewed at http://dmfreview.treasury.gov.au.