Regulator reveals members and terms of reference for Enforcement Review Task Force
APRA says FIs need to ‘better understand and manage their risk cultures’.
Regulator will not announce implementation date or timetable yet to allow FIs time to prepare.
Australian central bank concerned by rising debt, slowing economic growth and risks from smaller lenders.
Council of Financial Regulators also issues minimum conditions for competition.
Complex ‘quasi-equity' instruments are no substitute for higher equity capitalisation.
Regulator consults on what information should be gathered from intermediaries.
ASIC has cancelled Australian Financial Services licenses of three firms this year and suspended two.
New regulations require registration of benchmark-setting bodies.
CBA acknowledges “poor customer outcomes”, failed to commit on victims’ compensation.