All posts tagged "ASIC"
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181Australia & NZAFCA Consults on Expanded Remit to Cover Legacy Complaints
The consultation follows the government's recent expansion of AFCA’s remit allowing it to handle legacy complaints dating back to 1 January 2008.
March 20, 2019 -
264Australia & NZAustralia Consults on Making Industry Codes Legally Enforceable
The Treasury is proposing legislative amendments to make industry codes of conduct legally enforceable, where contraventions will constitute a breach of the law.
March 19, 2019 -
302Australia & NZAustralia Reverses Course on Mortgage Broking Trail Commissions
Following strong industry backlash, the Australian government has decided not to prohibit trail commissions for mortgage brokers, and instead conduct a review into the issue in 3 years.
March 13, 2019 -
536Australia & NZAustralian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC
Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.
March 12, 2019 -
628Australia & NZASIC to Automate Detection of Misleading Advertising Through AI
ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.
March 5, 2019 -
447Australia & NZABA to Amend Code of Practice to Implement Hayne Recommendations
The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.
March 1, 2019 -
447Australia & NZWestpac Faces Class Action for Irresponsible Lending
Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.
February 26, 2019 -
493Australia & NZAustralia Passes Law Enhancing Whistleblower Protections
The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.
February 22, 2019 -
495Australia & NZASIC Finalises HSBC’s 2016 Enforceable Undertaking
Under HSBC Australia's remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.
February 22, 2019 -
395Australia & NZ
Australia Expands Remit of New Financial Complaints Authority
As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.
February 22, 2019
