Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.
August 27, 2018Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.
August 13, 2018ASIC's plan to embed its own staff as officers at major Australian banks will affect risk taking and how the Australian public is served by the financial services industry.
August 13, 2018CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.
August 9, 2018ASIC 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.
July 12, 2018Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.
April 20, 2018Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.
April 19, 2018Australian banks paid an additional $16.7mn to compensate customers affected by “non-compliant” financial advice between 2009 and 2015.
February 22, 2018The report says 68 percent of clients are heavily invested in banks' in-house products; advisors may face bans if conflicts of interest are not managed better.
January 26, 2018