All posts tagged "Royal Commission"
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840Australia & NZCBA Increases Remediation Provisions Ahead of Full-Year Results
Customer remediation provisions have been increased by A$300mn, bringing CBA's total remediation bill to A$834. The full-year results are due on 12 August.
August 5, 2020 -
302Australia & NZASIC to Seek Reforms to Responsible Lending Laws
ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.
July 23, 2020 -
1.8KAustralia & NZASIC’s Loss to Westpac is Terrible for Everyone
Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.
July 11, 2020 -
2.0KContributed ArticleThe New Normal: Conduct Risk & Personal Accountability
Increasingly, leaders along all Three Lines of Defence are being held personally accountable for misconduct that takes place on their watch, says Stephen Scott at Starling.
July 1, 2020 -
293Australia & NZ
ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers
Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.
June 25, 2020 -
411Australia & NZAustralia: Banks Work Towards Swift Resolution of Advice Failures
Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020 -
380Australia & NZ
CBA Ordered to Pay A$5m Over Agricultural Lending Products
CBA's failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.
June 8, 2020 -
746FeatureHKMA Publishes Findings from Bank Culture Reform Initiative
As a next step, the HKMA will conduct more focused reviews on retail banks' front office in relation to the distribution of banking, investment and insurance products.
May 24, 2020 -
587Australia & NZ
Australia Defers All Royal Commission Commitments by Six Months
In line with the Treasury's announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.
May 9, 2020 -
417Australia & NZ
ASIC Quadrupled Criminal Charges Laid in H2 2019
In the six months to December 2019, ASIC did not have any new enforceable undertakings, reflecting its post-Royal Commission 'why not litigate' approach to enforcement.
April 30, 2020
