Ann: Half Yearly Report and Accounts, page-5

The 22 Feb 19 Senate Report into Financial Services made:
Recommendation 8

1.54    The committee recommends that the government implement a regulatory framework for all credit and debt management, repair and negotiation activities that are not currently licensed by the Australian Financial Security Authority, including:

• compulsory membership of the Australian Financial Complaints Authority,  giving clients access to an External Dispute Resolution scheme;
• strict licensing or authorisation by the Australian Securities and Investments Commission or the Australian Financial Security Authority;
• prohibition of upfront fees for service;
• prescribed scale of costs;
• an obligation to act in the best interests of their clients; and
• banning unsolicited sales.

Given they state in the Half Year Accounts that there have been no developments likely to materially impact on FSA since 31 Dec 18, is it reasonable to conclude that the BOD do not believe Recommendation 8 to be material to the company?

My specific concern is the impact of banning upfront fees, prescribing scale of costs and the best interest test, if the recommendations are implemented in full.