In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …
Tag: chapter
Conclusion
The twin peaks model of regulation has now operated in Australia for many years. It should be maintained and strengthened. But there should be some adjustments made in respect of the regulation of superannuation and the BEAR. As I said Read More …
2 Culture
I have said more than once in this chapter that an entity’s remuneration and incentive arrangements show what the entity values. Hence, consideration of those arrangements may provide a useful starting point for an examination of the entity’s culture. But Read More …
5 Group life insurance
As I explained in the introduction to this chapter, an important feature of the life insurance market is that life cover, total and permanent disability cover, income protection cover and trauma cover are available not only through individual policies but Read More …
4.7 Accountability
As I explain in the chapter relating to the regulators, I consider that provisions modelled on the Banking Executive Accountability Regime (BEAR) should be expanded to all APRA-regulated financial services institutions. I also explain in that chapter why I consider 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 …
3.2 Limitations in the regulatory framework
In considering the conduct that was examined during the Commission’s hearings, it is useful to begin with three important limitations in the regulatory framework. First, as I have noted above, although most life and general insurance policies are financial products, Read More …
3 Regulatory framework
As is noted elsewhere in this Report, especially in the chapter about the Regulators, the ‘twin peaks’ model of regulation was designed so that, generally, APRA is responsible for prudential regulation and ASIC for regulation of conduct and disclosure.
An addendum: Bankwest
Chapter 5 of the Interim Report – Bankwest and CBA – set out my conclusions about complaints that have been made regarding CBA’s conduct in respect of customers who had borrowed from Bankwest before CBA acquired Bankwest in 2008. I Read More …
Conclusion
This chapter has dealt with ‘traditional’ banking services. It has not dealt with issues arising in connection with financial advice, superannuation or insurance and has not considered the larger questions of culture, governance and remuneration examined in later parts of Read More …