Investment consultancy firm Mercer has published a report recommending that superannuation fund boards in Australia be required to appoint a greater proportion of independent directors.
Financial regulators are expected to investigate the record gap between the Reserve Bank of Australia (RBA) official interest rate and credit card rates.
In an effort to protect investors and boost consumer confidence, ASIC is pushing to create a register which would list stockbrokers’ disciplinary records.
APRA chairman said banks must lift their efforts to ensure remuneration plans encourage ethical behaviour.
The Reserve Bank of Australia has reported that its measures to cool investment lending in housing seem to be working.
The Australian Securities and Investments Commission is seeking industry views on new derivative transaction rules to govern the mandatory central clearing of over-the-counter trade from April next year.
ASIC has issued reports to the boards of several investment banks on potential deficiencies in their corporate culture.
The Reserve Bank said the use of lending controls on banks can only be pushed so far, warning that it could also drive buyers elsewhere for their loans.
Australian banks’ lending for investment properties has tightened after regulators cautioned against aggressively funding the sector.