The history of the banking Code and the problems that have beset it since its introduction are comprehensively outlined in two reports entitled ‘The Australian Bankers’ Problematic Code’ prepared by a Mr. Archer Field BEc, MBA.
ASIC has appointed a new chief information officer. Jo Harper has been acting information chief since February following Wendy Bryant's departure and has now been confirmed in the role. She joined ASIC in 2013 as senior manager, IT assurance and later became a program director.
The Turnbull Government is continuing to deliver on strengthening accountability in the banking system, today releasing exposure draft legislation for the Banking Executive Accountability Regime (BEAR).
The ACCC is concerned that regulation is giving the big four banks an unfair advantage. The competition watchdog has expressed concern that big four bank profits are being boosted by regulation rather than the lenders' own performance.
The corporate regulator could soon have increased power to ban "unfit" senior managers, directors and officers of financial services companies. This is the key recommendation the ASIC Enforcement Review Taskforce flagged in its sixth report aiming to reform the regulator's banning powers of individuals working in the financial services and credit sectors.