Recommendation 1.15 – Enforceable Code ProvisionsEnforceable code provisions for industry codes of conduct Recommendation 2.1 – Financial Advice Annual RenewalsAnnual Renewal and Payment for Financial Advice Recommendation 2.2 – Financial Adviser IndependenceDisclosure of lack of independence of financial advisers Recommendation Read More …
Tag: financial’
Measures to strengthen financial regulators – Executive Accountability regime
Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees Recommendation 4.12 – Extending the BEAR to APRA‑regulated insurers Recommendation 6.6 – Joint administration of the BEAR Recommendation 6.7 – Statutory amendments to facilitate co‑regulation Recommendation 6.8 Read More …
Measures to Strengthen Financial Regulators
Recommendation 1.6 – Reference checking and information sharing for mortgage brokers Recommendation 2.7 – Reference checking and information sharing for financial advisers Recommendation 2.8 – Licensee obligations to report compliance concerns Recommendation 2.9 – Licensee obligations where misconduct by financial Read More …
Measures to strengthen financial regulators
Additional Commitment – ASIC’s search warrants powers (ASIC Enforcement Review) Additional Commitment – ASIC’s telecommunications interceptions powers (ASIC Enforcement Review) Additional Commitment – ASIC’s licensing powers (ASIC Enforcement Review) Additional Commitment – ASIC’s power to ban people in the financial Read More …
Financial Services Reform Taskforce
To support efficient and effective implementation of the Government’s response, the Treasury Royal Commission Taskforce has continued as the Financial Services Reform Taskforce. The Government has provided $12.1 million to Treasury and the Office of Parliamentary Counsel (OPC) for implementation‑related Read More …
Review of the effects of vertical and horizontal integration in the financial system
The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …
Funding for financial counselling
The Government agrees with the suggestion by Commissioner Hayne that there is a need for predictable and stable funding for the legal assistance sector and for counselling services. Financial counselling services play an important role in supporting consumers and the Read More …
Recommendations – Financial Advice
Recommendation 2.1 — Annual renewal and payment Recommendation 2.2 — Disclosure of lack of independence Recommendation 2.3 — Review of measures to improve the quality of advice Recommendation 2.4 — Grandfathered commissions Recommendation 2.5 — Life risk insurance commissions Recommendation Read More …
Professional discipline of financial advisers
Recommendation 2.7 – Reference checking and information sharing All AFSL holders should be required, as a condition of their licence, to give effect to reference checking and information–sharing protocols for financial advisers, to the same effect as now provided by Read More …