Recommendations – Banking

Recommendation 1.1 — The NCCP Act Recommendation 1.2 — Best interests duty Recommendation 1.3 — Mortgage broker remuneration Recommendation 1.4 — Establishment of working group Recommendation 1.5 — Mortgage brokers as financial advisers Recommendation 1.6 — Misconduct by mortgage brokers Read More …

3.3 Accountability

Accountability is centrally important to any consideration of culture, governance and remuneration. Clear accountability is vital to effective governance. It ensures that issues are resolved, and resolved effectively. It fosters a culture where risks are managed soundly. It lies at Read More …

4.5 Status of Industry Codes

As I explained in the Introduction to this Report and in the chapter on banking, I consider it important that some provisions of industry codes be picked up and applied as law, so that breaches of those provisions will constitute Read More …

1.1 How did the financial advice industry emerge?

Traditionally, the business of banking comprised lending, deposit-taking and the provision of transaction services.[1] Until the 1970s, the reach of the funds management sector – that is, entities that pool and invest money on behalf of customers – was limited. Read More …