Regulators and compliance

The recommendations seek to improve the effectiveness of the regulators in deterring misconduct and ensuring that there are just and appropriate consequences for misconduct. Some recommendations seek to increase the ways in which the regulators can enforce the law by Read More …

Recommendations: Answering the key questions

As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek Read More …

Oversight

Recommendation 6.14 – A new oversight authority A new oversight authority for APRA and ASIC, independent of Government, should be established by legislation to assess the effectiveness of each regulator in discharging its functions and meeting its statutory objects. The Read More …

Remuneration

Recommendation 5.1 – Supervision of remuneration – principles, standards and guidance In conducting prudential supervision of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should give effect to the principles, standards and guidance set out in Read More …

Quality of advice

Recommendation 2.3 – Review of measures to improve the quality of advice In three years’ time, there should be a review by Government in consultation with ASIC of the effectiveness of measures that have been implemented by the Government, regulators Read More …

Letters Patent

ELIZABETH THE SECOND, by the Grace of God Queen of Australia and Her other Realms and Territories, Head of the Commonwealth: TO The Honourable Kenneth Madison Hayne AC QC GREETING WHEREAS Australia has one of the strongest and most stable Read More …

9.3 What the case study showed

9.3.1Ms Murphy’s claim In his evidence in relation to Ms Murphy’s claim, Mr Storey accepted that: Youi failed to handle Ms Murphy’s claim in an honest, fair and transparent manner, as required by clause 7.2 of the General Insurance Code Read More …

3.3 What the case study showed

3.3.1‘Heart attack’ definition and advertising Both CBA and Ms Troup rightly acknowledged that, by failing to update its ‘heart attack’ definition in 2012 and in 2014 to accord with the medical definition that was accepted at that time, CommInsure engaged Read More …