All posts tagged "Royal Commission"
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561Australia & NZASIC 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 -
784Australia & 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 -
673Australia & NZCBA 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 -
1.1KFeatureHKMA 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 -
730Australia & 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 -
496Australia & 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 -
2.4KContributed ArticleNow More than Ever: The Need for Reliable Conduct Risk Metrics
The demands being imposed on the global banking system highlight the Achilles Heel of nonfinancial risk management and, particularly, misconduct risk, says Stephen Scott at Starling.
March 21, 2020 -
464Australia & NZ
ASIC Launches Civil Proceedings Against Commonwealth Bank
CBA said it intends to admit the allegations ASIC has made in each of the two cases, and does not intend to defend against the proceedings.
March 17, 2020 -
399Uncategorised
ASIC Consults on Advice Fee Consent, Independence Disclosures
The legislative instruments ASIC proposes are based on draft legislation for Royal Commission reforms - due to come into effect in July.
March 10, 2020 -
569Australia & NZAustralia: ‘Perfect Storm’ of Regulatory Change Squeezing Smaller Banks
The Customer Owned Banking Association is calling for the government to reassess the approaching wave of banking regulation, as record low interest rates squeeze margins.
March 10, 2020
