The Morrison Government and financial regulators have moved to check the hopes of consumer advocates agitating for a swift implementation of the Hayne recommendations before the middle of the year.In separate announcements on Monday, the government and the Australian Prudential Regulation Authority each indicated they would not rush to bed down all of the reform proposals advanced by the royal commission."You cannot go and put together what is at least forty pieces of legislation or thereabouts, scramble it together in a couple of weeks, throw it into a feverish sitting of the Australian parliament just before the election and then be surprised at the result that you think that you might get on the other side," the prime minister Scott Morrison told the National Press Club on Monday."I would call that type of financial legislation reckless."Federal Labor leader Bill Shorten has repeatedly called on the government to extend the number of sitting days before the parliament rises for the federal election expected in May.The Opposition wants the government to implement a sweep of measures recommended by Hayne, which it claims do not require complex new legislation.The government's decision extends the timeline for adopting many of the royal commission's recommendations to well into next year and beyond.The effort to slow down the reform process came as the Australian Prudential Regulation Authority announced that most of the most of Hayne's reforms relating to prudential supervision would not be in place until next year.The regulator revealed that of the ten recommendations requiring APRA's direct attention, only four would be implemented by the end of this year.These would include a review and overhaul of the memorandum of understanding between APRA and ASIC to address Hayne's concerns that the two financial regulators urgently need to improve lines of communication and cooperation on enforcement matters.Another five recommendations will not be fully implemented until next year, most notably the overhaul of related party transactions involving superannuation funds.Hayne raised concerns about super funds engaging in-house life insurers to provide group insurance policies.Under the reform proposed in the royal commissioner's final report, superannuation trustees would have to demonstrate to APRA that such arrangements are in the best interests of members.APRA did not comment on one of the royal commission's recommendations, which calls on the prudential regulator to revise its standards for executive remuneration.This recommendation includes a requirement for APRA-regulated institutions to adopt policies that would enable them, in certain circumstances, to claw back executive pay that has vested.APRA said that many of the recommendations affecting its work would require legislative reform."The Commission's Final Report also contains many other recommendations relevant to APRA, such as an extension of the BEAR, a strengthening of trustee duties in superannuation and additional penalties in the Superannuation Industry (Supervision) Act 1993, which will require legislative change," the regulator said."APRA stands ready to work with the Treasury, ASIC and other stakeholders to ensure these matters can be progressed as quickly as possible."Federal Treasurer Josh Frydenberg announced appointments to the expert panel that will conduct regular