Recommendation 1.2 – Mortgage Brokers – Best InterestMortgage broker best interests duty Recommendation 1.3 – Mortgage Brokers – RemunerationMortgage Broker Remuneration Recommendation 1.6 – Mortgage Brokers – Reference CheckingReference checking and information sharing for mortgage brokers Recommendation 1.7 – Point Read More …
Tag: banking
1.8 — Amending the Banking Code
The ABA should amend the Banking Code to provide that: banks will work with customers: who live in remote areas; or who are not adept in using English to identify a suitable way for those customers to access and undertake Read More …
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 …
Access to banking services
Recommendation 1.8 – Amending the Banking Code The ABA should amend the Banking Code to provide that: banks will work with customers: who live in remote areas; or who are not adept in using English, to identify a suitable way Read More …
Banking
Consumer lending and personal finance
Issues relating to consumer lending were examined in the Commission’s first round of its public hearings, held in Melbourne from 13 –23 March 2018. The Commission inquired into aspects of the treatment of consumers by banking and financial services providers Read More …
Submissions by industry
As part of the public submission process, people were asked to indicate the part of the financial services industry to which their matter related. Of all the submissions received, the largest proportion were received in relation to banking (61%), superannuation 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 …