Treasurer Josh Frydenberg has revealed an "implementation road map" around the 54 recommendations from the financial services royal commission that called for Government action.

Key points: The royal commission report made 76 recommendations, 54 of which called for Government action

The royal commission report made 76 recommendations, 54 of which called for Government action The Treasurer says more than 50 will be implemented or before Parliament by mid-2020

The Treasurer says more than 50 will be implemented or before Parliament by mid-2020 The Government has already implemented eight recommendations, plus seven other initiatives

The final report from commissioner Kenneth Hayne made 76 recommendations, 54 of which were directed at the Government, which has been accused of dragging its feet in response to the commission.

In what is described as a "full implementation road map", Mr Frydenberg said more than a third of the Government's commitments in response to the final report will have been implemented or will have legislation before Parliament by the end of this year.

They will include forcing mortgage brokers to act in the best interest of borrowers and removing exemptions for funeral expenses policies so they are subject to consumer protection laws.

However, the Government has already rejected a ban on commission payments to mortgage brokers, recommended by the royal commission, opting instead for a review of commissions after three years.

The Government has already acted on 15 commitments, including a review of the Australian Prudential Regulation Authority (APRA) and passing legislation to strengthen accountability of superannuation funds.

This comprises eight of the 54 recommendations the commission's report directed at the Government and seven additional commitments initiated independently by the Government as part of its response.

The Treasurer said more than 50 of the 54 commitments will have been implemented or be subject to legislation by the middle of next year.

The Government's strategy is that the remaining four recommendations needing legislation will have bills introduced to Parliament by the end of 2020.

The remaining 22 recommendations from the royal commission were aimed at regulators and the finance industry.

The release of the timetable comes with a commitment to independently review the impact of the changes in three years' time. There is no reference to what independent expert or body would conduct the review.

The Treasurer said the scale of the reforms detailed in the Government's implementation plan represented the biggest shake-up of the financial sector in three decades.

"There is no understating the importance of the royal commission and its findings to the critical task of restoring trust in Australia's financial institutions," Mr Frydenberg said.

"Industry is on notice. The public's tolerance has been exhausted. They expect and we will ensure that the reforms are delivered and the behaviour of those in the sector reflects community expectations."

The Government's royal commission response is being billed as the most comprehensive corporate and financial services law reform since the 1990s, when the Corporate Law Economic Reform Program (CLERP) was introduced.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 7 minutes 45 seconds 7 m Months on from the Royal Commission, is it business as usual for the big banks?

"The roadmap released by the Government underlines our determination to bring about change to the financial system by implementing the commission's recommendations swiftly and effectively," Mr Frydenberg said.

"Achieving this ambitious timetable will require additional resourcing that the Government has committed to, as well as Parliament dealing with the reforms constructively and with a sense of urgency."

Timeframe welcomed by consumers, banks

Australian Banking Association CEO Anna Bligh said the time frame would give consumers, and the industry, more certainty.

"It means that the industry itself can now understand when government will be putting various pieces of legislation into the Parliament, and that means they're in a better position to know how and when to implement those recommendations that need banks themselves to act," she said.

Consumer group Choice also welcomed the time frame and urged the Government to resist any industry pushback.

"Our greatest fear when the royal commission report came out was, as predicted by commissioner Hayne, that you would see industry groups arguing about complexity for carve outs, exemptions, and using the whole legislative process to slow down implementation," CEO Alan Kirkland said.

"So for the Government to come out and set a really clear timeframe around a lot of the legislation in Parliament this year, and all of it by the end of next year, I think really helps to send a signal that they're not going to put up with that pressure from industry."

But Shadow Treasurer Jim Chalmers accused the Government of moving too slowly.

"They've been dragged kicking and screaming to this announcement today, they've been shamed into it because for six months since they received the report of the banking royal commission, they've done next to nothing," he said.

"Victims of banking misconduct in this country will be deeply disappointed after waiting for six months for some kind of action, to now learn that they have to wait another 15 months before the Government will implement the recommendations of the commission."

A key reason cited by the Government for delayed action is that Federal Parliament has only sat for 21 days since the final report was received in February this year.

In a statement, the Treasurer said there were 24 streams of work underway to expedite the Government's response to the royal commission.

An extra $9.3 million has been provided to Treasury and the Office of Parliamentary Counsel in addition to $12.1 million provided in the May Budget.

The release of the Government's timetable for action came as the Australian Securities and Investment Commission continues to investigate potential criminal breaches outlined in the final report, which could result in referrals of the Commonwealth Director of Public Prosecutions.

Mr Frydenberg cites two previous reforms — the Future of Financial Advice and the Cooper Review into the superannuation system — as having longer legislative timelines after being tabled in Parliament.

Follow Peter Ryan on Twitter @peter_r_ryan.