All posts tagged "Royal Commission"
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489Australia & NZNew 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 -
495Australia & 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 -
529Australia & NZASIC 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 -
520Australia & 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 -
653Australia & 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 -
603Australia & NZRoyal Commission Exposes Multiple Lending Practice Failures at Big Four
Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers' best interests.
March 29, 2018 -
603Australia & NZAustralia’s Royal Commission Hears Bribery Allegations
NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.
March 15, 2018 -
667Australia & NZAustralian Banks Agree New Code of Conduct
Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.
December 20, 2017 -
726Australia & NZAustralia to Kick off Long-awaited Royal Commission into Financial Sector
Inquiry to look into alleged misconduct in financial sector welcomed by banks, securities regulator, but not superannuation scheme operators.
December 4, 2017
