The Australian Small Business and Family Enterprise Ombudsman, FinTech Australia and theBankDoctor.org released a report on 28 February 2018, which outlines the steps taken by fintech lenders to increase transparency and disclosure.
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.