All AFSL holders should be required, as a condition of their licence, to report ‘serious compliance concerns’ about individual financial advisers to ASIC on a quarterly basis. Government Response The Government agrees to mandate reporting of ‘serious compliance concerns’ about Read More …
Tag: concern
The BEAR: Co-regulation
Recommendation 6.6 – Joint administration of the BEAR ASIC and APRA should jointly administer the BEAR. ASIC should be charged with overseeing those parts of Divisions 1, 2 and 3 of Part IIAA of the Banking Act that concern consumer Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 15: Insurance submissions: Key themes Claims handling The Commission received over 430 submissions that primarily focused on Read More …
Overview
Submissions highlighted a range of concerns about the conduct of RSEs, banks, and financial advisers with which they had dealings relating to their superannuation. Over 150 different financial services entities were mentioned in the 1,626 submissions that were received. Notably, Read More …
Consumer themes
Concerns were consistently raised in relation to funeral insurance products, access to superannuation benefits and entitlements, consumer lending and banking fees and practices. Another primary issue of concern was access to financial products and services for Aboriginal and Torres Strait Read More …
Overview
While the Commission received a relatively small number of submissions from individuals identifying as Aboriginal or Torres Strait Islander, the Commission consulted widely in order to identify and understand the issues that arise for Aboriginal and Torres Strait Islander people Read More …
Overview
The Commission received 1,211 public submissions identifying small business finance as part of their dealings with financial services. These submissions also included issues with larger lenders, smaller ADIs and intermediaries. Issues raised in submissions were similar in nature to issues Read More …
Overview
Submissions highlighted a range of concerns about the conduct of major banks or other large financial services entities as well as conduct by smaller financial planning or advice services. Over 300 different financial services entities were mentioned in the 1,139 Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 5: Consumer lending and personal finance submissions: Key themes Responsible lending The Commission received over 990 submissions Read More …
Overview
From the outset, consumer-related lending was a focus of concerns raised with the Commission about potential misconduct or conduct falling below community standards. This was reflected in the information received from members of the public, regulators, external dispute resolution bodies, Read More …