Australia’s prudential regulator says its current data collection system requires a significant overhaul to match current flows of digitised data and regulatory requirements, plans to release tender for new solution by end of month and implement new system by end...
ASIC review concludes that the ETP market is performing well in general, however, some concerns were raised on spread management and market maker concentration.
The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.
New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.
Former premium banking relationship manager shared personal client information with external third parties, and "knowingly or recklessly" submitted false supporting documents to help clients obtain home loans.
The bill covers winding up administration for corporate collective investment vehicles, and director liabilities for contraventions of the law, among others.
Deputy chair Peter Kell said ASIC wants increased volume and granularity of data reporting as it seeks to combat misconduct and improve consumer outcomes in financial services.
ASIC investigation found the branch manager accepted false documents to support loan applications and falsely attributed loans to obtain undue commissions.
CBA will engage an independent expert to assess changes to the banks' policies, procedures, systems, controls, training, guidance and framework for the monitoring and supervision of employees and trading in Prime Bank Bills.
ASIC has launched a civil action against AMP for misconduct in its financial planning arm causing the firm to put 300 of its financial planners on notice that their licences may be discontinued.