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, 2019ASIC is considering over 40 enforcement cases, a number of which involve misconduct by large financial institutions, their employees or subsidiary companies.
February 20, 2019The bill increases the maximum prison penalties ASIC can pursue to 15 years, and raises the caps on civil penalties for individuals and corporations.
February 15, 2019ASIC's existing guidance allows a tailored approach to applying responsible lending obligations, but licensees may be applying them where the law does not require it.
February 14, 2019APRA details the work already underway to implement the Recommendations and confirms it is examining the 12 matters referred by the Royal Commission.
February 12, 2019A blanket ban on commissions as suggested by Kenneth Hayne would have a “devastating effect” on mortgage broking industry, says MFAA CEO Mike Felton.
February 8, 2019Commissioner Hayne said in his Final Report that NAB “stands apart” from the other major banks and questioned whether its senior leadership was capable of reforming the bank’s culture.
February 8, 2019Financial services firms lack engagement from boards and risk and compliance functions, according to a new survey from Thomson Reuters Regulatory Intelligence.
February 7, 2019The Final Report on Australia's Royal Commission packs a swift and powerful punch which may well be felt for some time, says public policy specialist Matthew Chan.
February 5, 2019While ASIC officials talk up plans to fund more court cases, behind the scenes they are reportedly concerned about the community backlash and loss of confidence if cases are lost.
January 21, 2019