Today’s release of a consultation paper about further enforcement of industry codes is welcomed by Australia’s banks, who look forward to working with regulators and the Treasury to identify what more can be done to further enforce its new Banking Code of Practice. Media Release - 18 March 2019
AFCA has released a media release regarding our statement on the Royal Commission Final Report. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed down its final report to the Governor-General on 1 February 2019. The final report has now been released. This substantial report marks an important milestone for financial services in Australia.
There has been an 85 per cent, or $9 billion, increase in loans approved by lenders that fall outside their own tough new lending criteria, with the major banks the biggest offenders, according to analysis by the prudential regulator.
From tomorrow, small businesses with a complaint about a financial firm can direct their grievances to the Australian Financial Complaints Authority (AFCA), the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell said today.
The dodgy financial products that have become the hallmark of the banking royal commission could be stopped from sale if the corporate cop gets its way on new legislation being considered by the government.
The corporate regulator has taken action against four firms for their misleading use of the restricted terms 'independent' and 'independently owned'. ASIC has forced Financial Spectrum, James Gerrard (authorised representative of Australian Financial Advisory Group), PWK Private Wealth Advisors (AR of Paragem) and Debbie Hudson Financial Services (trading as Wealth Fusion) to amend "false claims of independence".