All posts tagged "Royal Commission"
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825Australia & NZAustralia Finds Banking Oligopoly Detrimental To Consumers
The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.
August 6, 2018 -
758Australia & NZASIC Approves ABA Banking Code of Practice
New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.
August 1, 2018 -
818Australia & NZASIC to Boost Regulatory Reporting Requirements to Deter Misconduct
Deputy chair Peter Kell said ASIC wants increased volume and granularity of data reporting as it seeks to combat misconduct and improve consumer outcomes in financial services.
July 22, 2018 -
551Australia & NZSystemic Enquiry into Financial System Not Required – New Zealand Regulators
RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.
May 31, 2018 -
575Australia & NZASIC Continues Regtech Support with NLP Trials
ASIC deepened its support of regtech with natural language processing trials; signifies regulator’s starting point in its evolving approach to new technologies.
May 7, 2018 -
513Australia & NZ
New Zealand Regulators Seek Assurances on Conduct, Culture
Banks write to regulators to assure them that issues raised during Australian Royal Commission are not as prevalent in New Zealand; regulators respond requesting more detailed response from individual banks.
May 7, 2018 -
522Australia & NZAustralia Toughens Criminal, Civil Penalties for Misconduct
Criminal offences can result in 10 years imprisonment or $725,000 for individuals; or the larger of $7.25 million, 3 times the benefits, or 10% of annual turnover for companies.
April 23, 2018 -
554Australia & NZ
ASIC Seeks Powers to Hasten Bank Remediation
Australian 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, 2018 -
548Australia & NZAustralia Royal Commission Finds AMP Repeatedly Deceived Regulator
Wealth 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, 2018 -
686Australia & NZFinancial System Resilient but Concerns Remain – RBA
Australia’s Financial Stability Review says risks easing, financial system resilient; but dangers remain on household debt, weak risk control and poor culture at banks.
April 17, 2018
