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TOPIC: Jennie Paluka says "report McGarvie to IBAC"

extradite child traffickers, crims Trump 1 week 2 days ago #3857

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David Cohen unsigns the Bankers Oath 1 week 2 days ago #3858

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David Cohen is no longer on the list of Signatories to APRA John Laker's and Jillian Broadbent's The Banking oath Organization, thebfo.org.
Will Jeanie Pakula 's ethics department please explain why her APRA-chaired ethics board 'can't see' things.
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Legal Board protects FOS Arbitration scheme lawyer 1 week 2 days ago #3859

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Regulators’ culture in question

The Australian 12:00am May 17, 2018

Richard Gluyas



Poor culture in large corporations has never been under more intense scrutiny, with the damning review of Commonwealth Bank by an APRA panel and the extraordinary implosion of AMP in the wake of last month’s royal commission hearings on financial advice.

But what of the culture inside our regulators and powerful quasi-judicial bodies, such as the industry funded Financial Ombudsman Service?

As the Australian Financial Complaints Authority — the one-stop shop for all financial complaints and disputes — absorbs FOS and starts hearing complaints by November 1, there are serious, lingering concerns about the discovery of inaccurate file notes made in 2015 by a senior FOS official, Justi Tonti-Filippini.

While Tonti-Filippini had the title Ombudsman Decisions and was mentioned in the body’s 2017 annual report, a FOS staffer told Four Pillars she no longer worked there.

Despite this, the fallout continues from her controversial handling of the case brought by toy and kite maker Goldie Marketing against ANZ Bank.

Rex Patrick, a Centre Alliance (formerly Nick Xenophon Team) senator, says he’s been in discussions with Financial Services Minister Kelly O’Dwyer about expanding AFCA’s terms of reference to include procedural fairness, as well as other administrative tribunal standards.

“I hold concerns in relation to this and am continuing my discussions with the minister on this issue,” Patrick says.

The core issue is a series of telephone conversations in October 2014 between Tonti-Filippini and Goldie’s adviser Bruce Ford of Dispute Assist, in which the ombudsman told Ford she was ruling the case outside FOS’s terms of reference because of a staff shortage.

In particular, there was a lack of key staff with banking expertise.

Ford was stunned and Goldie decided to up the ante, arguing in the Victorian Supreme Court that a staff shortage was not a valid reason to decline jurisdiction.

When FOS lodged its documents with the court, the case took an unexpected turn.

Tonti-Filippini’s file notes suggested that she had provided a host of other reasons for declining to hear the case.

The problem for FOS was that Ford had recorded the conversations — for his own legal protection and that of his client.

While the court accepted the recordings were accurate, it nevertheless upheld FOS’s ruling that the Goldie case was outside its terms of reference. Importantly, however, the court didn’t rely on the file notes from Tonti-Filippini; it ruled instead that her later written reasons were sound.

The matter did not end there.

ASIC, which oversees FOS, was subsequently forced to correct the parliamentary record when it told a committee that the Supreme Court had considered the issue of the divergence between the tape recordings and the FOS file notes.

In a subsequent letter to Ford, ASIC deputy chairman Peter Kell accepted that this was not the case.

FOS said in a written response to questions from this column that it did not comment on staffing, and that the issues in the Goldie case had been “fully canvassed and addressed”.

“At the time the issue was raised — following the court’s decision upholding FOS’s decision making — FOS made clear it did not agree with the assertions or that there were any implications for the fair, efficient and independent operation of FOS’s dispute scheme,” the statement said.

FOS said it had dealt with 100,000 dispute cases since the Goldie matter, both in line with its terms of reference and as a fair, timely and impartial dispute resolution scheme.

The service might retain complete confidence in itself, but others are not so sure.
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David Cohen 1 week 1 day ago #3860

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What will ASIC make of Clayton Utz links in the bank royal commission
AMP’s Brian Salter. Pic: Hollie Adams
AMP’s Brian Salter. Pic: Hollie Adams

The Australian
12:00AM April 25, 2018
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Ticky Fullerton
Sky News Business host
@BizTicky

When the proverbial hits the fan at a company, it’s always good to know that your lawyer, holder of many of your strategic secrets, is right there with you in the trenches.

In AMP’s case, that would be Clayton Utz. Unfortunately for AMP, Clayton Utz looks to be back-peddling from the trenches. And maybe the folk at AMP deserve it.

At issue is the so-called independent report that was sent to regulator ASIC and produced by Clayton Utz partner Nick Mavrakis. Remember that name. We know from the royal commission that the report went through a 25 drafts, with intervention from AMP’s internal counsel Brian Salter and the AMP board.

Salter, who, by the way spent almost 20 years at Clayton Utz, most recently as the banking partner, has now been sent on leave.

The Australian’s Margin Call column yesterday revealed that Salter was actually best man at former ASIC chairman Greg Medcraft’s wedding, before observing “it sure is cosy in financial services land”.

Clayton Utz then clarified that the so-called independent Mavrakis report was not an independent report from Clayton Utz for the regulator; indeed, it was commissioned by the AMP board, its client, and only independent of AMP management.

As such, presumably the report could be altered in any way as agreed between client and adviser.

Clayton Utz executive partner Rob Cutler stated: “The terms of engagement stipulated the investigation was to be undertaken independent of management of the advice business being reviewed and under the instruction of the AMP board and its general counsel.

“Clayton Utz notes AMP may address the commission further and it would be inappropriate for us to make any further comment at this time.”

This leaves AMP vulnerable. What if we discover that there is correspondence from AMP to ASIC that described the report as “independent”?

But matters get even cosier, involving the Commonwealth Bank and links to Clayton Utz and AMP.

David Cohen is the current head of risk at the CBA, having recently moved from CBA’s general counsel. And he was AMP’s general counsel just before Brian Salter. And who has the CBA employed to assist the bank with the royal commission? Why, Clayton Utz of course!

We asked CBA directly whether Nick Mavrakis, the author of the AMP “independent report”, was acting for the bank in the royal commission. The bank confirmed that Clayton Utz was indeed acting for the bank, but declined to talk about specific individuals.

And if you head to Nick Mavrakis’ Clayton Utz partner page, you’ll find that Mr Mavrakis has acted for CBA and Colonial First State in ASIC investigations, including Storm Financial and class actions.

I wonder what the new chairman of ASIC James Shipton would make of all this. He’d be excused for being a little shell-shocked.

Ticky Fullerton hosts Ticky weekdays on Sky News Business at 5.30pm.
Ticky Fullerton
Sky News Business host
@BizTicky
Ticky Fullerton anchors Ticky, weeknights on SKY NEWS Business, where she joined the team in 2017. Prior to this Ticky presented the ABC's national business show, The Business and Business PM on radio. In over twenty years with the broadcaster, she was both a prize winning investigative reporter with Four Corners, a political reporter in Canberra and also the presenter for the national farming program Landline. Previously, she was an associate director with investment bank Credit Suisse First Boston and spent ten years with the bank in both London and Sydney.
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AMP shares dive after Royal Commission 1 week 20 hours ago #3861

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Banking royal commission: First day in court for shell-shocked AMP
AAP
Friday, 18 May 2018 2:04PM
ATMS are disappearing

1:35 | Sunrise
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Three law firms have announced investigations on behalf of shareholders after the company admitted to cheating clients and lying to the corporate regulator

AMP has appeared in court for the first time to defend a class action brought on behalf of shareholders seeking damages after revelations at the banking royal commission trimmed more than $2 billion off its market value.

AMP will file its defence to proceedings from law firm Quinn Emanuel Urquhart & Sullivan in the NSW Supreme Court within two months.

The wealth management giant, which admitted to charging clients fees for services they did not receive and then lied to the corporate watchdog about it, on Friday said it hopes other class action proceedings and three potential class actions it is facing can be consolidated before the court.

AMP is due to face its second class action, brought by law firm Phi Finney McDonald, in the Federal Court in Melbourne on June 8, after its testimony at the royal commission sent shares spiralling to a six-year low.
Brenner has become AMP's second high-profile casualty of the banking royal commission, following CEO Craig Meller out the door

1:11 | 7 News
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Brenner has become AMP's second high-profile casualty of the banking royal commission, following CEO Craig Meller out the door

The financial services giant, which could face criminal charges for misleading the regulator, last week said it intends to “vigorously defend” both class actions.

AMP shares were down 0.5 per cent to $3.91 at 11.45am.
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homelessness skyrockets 1 week 9 hours ago #3862

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'An international embarrassment': More than 116,000 Australians now homeless
By Stuart Marsh
Mar 14th, 2018
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Melbourne homeless hope job opportunities will break poverty cycleNOW
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More Australians are classified as being homeless than ever before, according to new data from the Australian Bureau of Statistics.

More than 116,000 people were experiencing homelessness when the 2016 Census was conducted, an increase of 4.6 percent over the last five years.

Homelessness included those who were living in severely crowded dwellings – where a home would require four extra bedrooms to fit its occupants – as well as those living in tents, improvised dwellings or sleeping on the street.

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(A homeless man in Brisbane, Friday, March 7, 2014. (AAP Image/Dan Peled))

General Manager of Population and Social Statistics Dr Paul Jelfs said a concerning trend showed younger and older Australians were more likely to experience homelessness.

"One quarter of all people experiencing homelessness in 2016 was aged between 20 and 30 years," said Jelfs.

"On Census night, 8,200 people were estimated to be ‘sleeping rough’ in improvised dwellings, tents or sleeping out – an increase from 3.2 persons per 10,000 people in 2011 to 3.5 persons per 10,000 people in 2016."

(A homeless man sleeps in the sunshine along the Yarra River as cold weather hits Melbourne, Monday, June 1, 2015. (AAP Image/Tracey Nearmy))

People aged between 65 and 74 years experiencing homelessness increased to 27 persons per 10,000 people, up from 25 persons per 10,000 people in 2011.

Aboriginal and Torres Strait Islander people comprised over 20 percent of all homelessness, with more than two in three living in overcrowded dwellings.

Recent migrants primarily from South-East Asia, North-East Asia, China and Afghanistan accounted for 15 percent of the homeless estimate.

(The belongings and sleeping quarters of a homeless person are seen outside a carpark in central Sydney, Tuesday, March 31, 2015. (AAP Image/Mick Tsikas))

Mission Australia CEO James Toomey said he wasn't surprised by the alarming figures.

"It is an international embarrassment caused by the long-term absence of a national co-ordinated plan and the lack of a serious commitment to building new social and affordable homes," said Toomey.

"We cannot afford to ignore this situation any longer. Safe and secure housing provides the platform for children to attend school, adults to work, people to be healthy and communities to thrive."

Toomey said Australia's soaring property prices were forcing Australians from lower socio-economic backgrounds out onto the street.

"The housing market is not delivering for those on the lowest and even moderate incomes," said Toomey.
"The lack of appropriate social and affordable housing is very clearly evidenced in the alarming rise in overcrowding, particularly in NSW, where the housing market has seen some of the most significant price rises."
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