Treasurer Josh Frydenberg has warned companies in the financial services industry that the government expects them to play their part in addressing issues raised in the Hayne royal commission.In response, the Australian Banking Association said the industry was well advanced with the implementation of changes in the banking sector.Yesterday, Frydenberg released an update on implementation of royal commission recommendations, saying: "At the request of government, the House of Representatives Standing Committee on Economics will inquire into progress made by major financial institutions, including the four major banks, and leading financial services associations in implementing the recommendations of the royal commission."He also confirmed that there would be a review in three years to assess the extent to which changes in industry practices have led to improved consumer outcomes.According to the "implementation roadmap", by the middle of next year close to 90 per cent of the commitments the government made in response to the royal commission report will have been implemented.And by the end of next year all remaining royal commission recommendations requiring legislation will have been introduced.The royal commission made 76 recommendations, of which 54 were directed at the government, 12 to the regulators and 10 to industry.Australian Banking Association chief executive Anna Bligh said in a statement: "Of the royal commission's 76 recommendations, 10 are for industry to implement - eight of these are specific to the banking industry."Since the final report was handed down six months ago, banks have been working to make changes to ensure that the recommendations become part of their operating fabric. Banks understand what the community and government expect of them and are raising their standards to rightly meet those expectations."Bligh said all six recommended changes to the Banking Code were underway. Recommendations relating to culture were also being acted on.The ABA has set up a royal commission taskforce to oversee the industry's implementation of the recommendations.Of the 54 royal commission recommendations to government, more than 40 require legislation. In addition to the royal commission recommendations, in its response the government announced another 18 commitments.So far, the government has implemented eight of the recommendations and seven of the additional commitments. There is draft legislation covering a further five recommendations.Among the changes that have already been completed are: •    the introduction of civil penalties for breach of covenants;•    a requirement that Australian Financial Complaints Authority members take reasonable steps to co-operate with AFCA in the resolution of disputes;•    payment of unpaid ombudsman determinations;•    extension of ASIC's product intervention power to apply to credit products;•    ending grandfathered commission for financial planners; and•    extending unfair contract terms to insurance contracts.The government has undertaken, or is undertaking, a number of reviews and consultations prompted by the royal commission. These include:•    a review of the merits of universal terms for MySuper;•    a review of the co-ordination and funding of financial counselling services;•    a consultation on superannuation binding death benefit nominations for indigenous people;•    a consultation on legislation to make provisions of financial services industry codes legally enforceable; and•    a consultation