The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.
November 29, 2020The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.
November 19, 2020The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs' breach reporting requirements.
November 16, 2020The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.
November 12, 2020ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.
November 2, 2020Super funds will be forced to enhance disclosures on fees and performance. Consistently underperforming super funds will be prohibited from receiving new members.
October 9, 2020Lenders will no longer have to assess borrowers' earnings and expenses to determine whether they can afford to repay their debt without hardship.
September 28, 2020We need real-time insights into cultural drivers of behaviour rather than backward-looking surveillance systems designed to catch bad actors after-the-fact.
September 18, 2020NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.
August 28, 2020Customer 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