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TOPIC: Jennie Paluka says "report McGarvie to IBAC"

US Prosecutor in the Drug Task Force 1 week 5 days ago #3844

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The task force that got the crims in the Reserve Bank document smuggling racket that was in the US Antitrust Caes against Amex Mastercard Visa and the backer banks like Citi) AND the Prosecutor of the CBA Bribery Scandal were in the 94 Attorneys on the task force. www.justice.gov/criminal/organized-crime...orcement-task-forces. What's unclear, Ms Pakula? McGarvie advised the Victorian Government Police & Counerterrorism Opposition Minister Robert Clark that the LSBC knew nothing, except its own files say it lent on people.
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Jennie Paluka says "report McGarvie to IBAC" 1 week 4 days ago #3846

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Elliot's tv show wanted a Royal commission into ASIC. Says ex Australian Dputy Prime Minister Costello:
A swipe at the corporate regulator

Mr Costello also criticised the corporate regulator ASIC, for its ineffective policing of the financial services sector.
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ASIC rarely takes law-breaking corporations to court, but instead requires them to sign "enforceable undertakings".

Last week's budget revealed ASIC's funding would be slashed by $28 million over three years — despite the litany of wrongdoing committed by AMP and the big banks uncovered by the financial services royal commission.

A former in-house lawyer from ASIC told PM, in April, that the regulator has a culture of subservience and acquiescence when it comes to the big banks.

When asked about his thoughts on the funding cut, Mr Costello said: "It should be well-funded, there's no doubt about that."

He immediately qualified his statement: "But yes, it should be doing well with the money it's got too."

Although the big banks have copped substantial criticism for putting profit ahead of their customers' best interests, the former treasurer believes the royal commission should place further scrutiny on ASIC.

"We've seen some bad behaviour, but what we don't know yet is what the corporate regulator was doing about it.

"I'd like to hear ASIC explain to the Royal Commissioner why it kept slapping enforceable undertakings on big banks, and why it was considered better than taking legal action.

"It's one thing to look at the banks and other companies and say no one was holding them to account.

"But it's another thing again, and we should do it, to say what about the people who were supposed to be holding them to account. What were they doing through this whole thing?"

You can watch our interview with Peter Costello tonight on The Business — 9:45pm (AEST) on ABC News, and ABC iview.
www.abc.net.au/news/2018-05-14/peter-cos.../9759574?pfmredir=sm
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Malaysia wants a Royal Commission too, Mr McGarvie 1 week 4 days ago #3847

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Child trafficking: AuSTRAC 1 week 4 days ago #3848

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Pedophiles must hate it when the law enforcement says "It'sall true, it's shocking!".

www.abc.net.au/radio/programs/am/austrac...anised-crime/9620902
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Amex' contact 1 week 4 days ago #3849

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Forwarded message from Kevin Conlon <This email address is being protected from spambots. You need JavaScript enabled to view it.>
Date: Fri, 25 Nov 2016 14:14:35 +0000
From: Kevin Conlon <This email address is being protected from spambots. You need JavaScript enabled to view it.>
Subject: Automatic reply: State Government Board's "spying" on the FBI's arrests of bank computer executives and Clinton Foundation's Eric Pulier [DLM=For-Official-Use-Only]
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JP Morgan fears for Australian bank executives 1 week 4 days ago #3850

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Dr Peter Doherty and McGarvie need their heads read.

Banking royal commission: JPMorgan fears big job losses

The Australian 8:50pm May 14, 2018

Michael Roddan



There are renewed fears of economic fallout stemming from the royal commission into the banking sector, as regulators and the government look to overhaul the way fees are paid across the financial services sector.

A crackdown on financial advice — including killing off problematic trailing commissions that were grandfathered in 2013 — could end a significant money spinner for the largest banks and wealth managers as the fallout from the royal commission continues to build.

JPMorgan analyst Sally Auld said the financial sector could face a stunning crash in employment worse than the last ­financial crisis.

“The finance and real estate sectors now represent 12 per cent of GDP,” Ms Auld told investors. “Together, these sectors have been growing above their long-term trend, so some consolidation seems likely.

“Employment in these industries could contract by 8 per cent from peak to trough, about the same percentage decline seen at the height of the financial crisis.”

That adds to the already existing threat to more than 50,000 fin­ancial services jobs across Australia that are in the firing line as automation and technology ­accelerates through service companies over coming years.

Ms Auld said anywhere between 20,000 and 50,000 jobs could go if the industries shrank back to levels more consistent with the growth of the financial system.

Her remarks come on top of UBS warning of a “credit crunch” if banks are made to stick to more strict lending rules. Lending by the nation’s largest banks underpinned Australia’s housing price bubble and expansion in credit growth.

Last week the royal commission published a submission from the Australian Securities & Investments Commission, which called for financial advisers to be stripped of trailing commissions as soon as possible, and attacked the practice of charging ongoing fees for services it said were largely worthless.

Five years after charging new commissions was banned under Future of Financial Advice laws, trailing commissions were still a problem in the industry, the corporate watchdog said.

UBS analyst Kieren Chidgey said grandfathered commissions were still “a significant part” of a ­financial adviser’s salary. “ASIC’s views could indicate that more extensive reform is required,” Mr Chidgey said.

But, he said, if the commissions were banned it could wreak havoc on wealth managers’ business models. “This could materially impact advice economics, driving adviser departures, increasing legacy product churn and platform fee pressure,” Mr Chidgey said.

Meanwhile, global ratings agency Moody’s took a swipe at beleaguered wealth manager AMP, arguing its cash flows could continue to fall in the wake of its “governance failures”.

Moody’s senior credit officer Frank Mirenzi said the revelations in the royal commission about AMP vindicated the agency’s negative stance on the company’s credit rating.

AMP’s life insurance division has a Aa2 credit rating and Moody’s said the scandals drubbing the company’s reputation were creating additional pressures on its credit rating.

IBISWorld analyst Tommy Wu said revenue in the banking sector had already fallen more than $10 billion to $148bn over the past five years, due to regulatory imposts, and could fall further in the wake of Kenneth Hayne’s year-long inquiry into the banking and financial services sector.

Mr Wu said mortgage broker commissions could face the same future as life insurance commissions, which have been reduced and capped by government reforms.

Michael Rice, chief executive of actuarial firm Rice Warner, said the FoFA legislation was due for a revamp. Mr Rice said the royal commission had revealed that the transition to the customer-centric financial advice remuneration model “has not been a smooth one” and that “FoFA now needs a thorough review”.

“(The royal commission) has publicised an issue that has been percolating within the financial services industry for years, namely how to separate financial advice from recommendations of financial products,” he said.

AMP shares recently tumbled to a six-year low after last week’s overwhelming shareholder vote against its remuneration report and the likelihood of further brand damage from the fees-for-no-advice scandal. On Monday, AMP shares closed up 3.2 per cent at $3.85. However, the stock is about 30 per cent below its recent peak before the royal commission.

Macquarie analysts believe the wealth management division could suffer $35bn in outflows over the next five years, representing 27 per cent of its assets under management. The division’s margins could drop from 1 per cent to 81 basis points in 2023.
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