Regulators

ASIC on the verge of Hayne litigation blitz

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ASIC deputy chairman Daniel Crennan ... 'We run cases because we wish to - and expect to - win' James Alcock

ASIC is planning a litigation blitz in coming months as it puts up to 50 matters into the courts, many of them arising from the Hayne royal commission. ASIC deputy chairman (enforcement) Daniel Crennan, QC, has told The Australian Financial Review that on top of the 13 referrals from the commission, the regulator was looking at “three times as many” case studies with a view to legal proceedings.

Further measures to enforce industry codes a welcome step

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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's response to the Royal Commission Final Report

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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.

$19b worth of new property loans breach tough lending guidelines

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There has been a spike in the number of lenders approving loans outside of new benchmarks.

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.

Free, fast and binding dispute resolution to improve small business access to justice

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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.

Former Gold Coast adviser given prison sentence

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The Southport District Court sentenced former financial adviser and accountant Satvir Singh Birk of Reedy Creek to two-and-a-half years imprisonment following an ASIC investigation.

ASIC supervisors brought inside CBA

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The Commonwealth Bank has been named as the first of the big four banks to have ASIC staff working internally inside the organisation to investigate misconduct.

ASIC eyes SMSFs, dodgy products in law changes while banks baulk

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ASIC senior executive leader strategy Greg Kirk has continued to push for more powers for the regulator. Credit:Andrew Quilty

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.

Productivity Commission right to question focus on 'unquestionably strong'

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The Productivity Commission does us a service by putting hard data to things about banks which we know to be true. David Rowe

It's hard to escape the thought that the Productivity Commission's report into competition in the financial services sector is a list of things we all know – but do nothing about.

Banks take 1500 days to identify breaches: ASIC

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Big banking groups are taking an average of 1500 days to internally identify breaches in conduct, ASIC chair James Shipton said in his address at the FSC Summit in Melbourne today.


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Regulators

ASIC on the verge of Hayne litigation blitz

Further measures to enforce industry codes a welcome step

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's response to the Royal Commission Final Report

$19b worth of new property loans breach tough lending guidelines

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.

Free, fast and binding dispute resolution to improve small business access to justice

Former Gold Coast adviser given prison sentence

The Southport District Court sentenced former financial adviser and accountant Satvir Singh Birk of Reedy Creek to two-and-a-half years imprisonment following an ASIC investigation.

ASIC supervisors brought inside CBA

The Commonwealth Bank has been named as the first of the big four banks to have ASIC staff working internally inside the organisation to investigate misconduct.

ASIC eyes SMSFs, dodgy products in law changes while banks baulk

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.

Productivity Commission right to question focus on 'unquestionably strong'

It's hard to escape the thought that the Productivity Commission's report into competition in the financial services sector is a list of things we all know – but do nothing about.

Banks take 1500 days to identify breaches: ASIC

Big banking groups are taking an average of 1500 days to internally identify breaches in conduct, ASIC chair James Shipton said in his address at the FSC Summit in Melbourne today.

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