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, 2020In line with the Treasury's announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.
May 9, 2020In 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, 2020The 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, 2020CBA 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, 2020The legislative instruments ASIC proposes are based on draft legislation for Royal Commission reforms - due to come into effect in July.
March 10, 2020The 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, 2020The proposed extension of the Financial Accountability Regime to ASIC-regulated firms could potentially affect 53,000 small businesses, says former ASIC official Pamela Hanrahan.
March 5, 2020The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
March 2, 2020Reports of potential misconduct first appeared in June 2015, followed by senate hearings and questioning from the Royal Commission, resulting in shareholder losses.
February 28, 2020