End 2019

ASIC Banning PowersAdditional CommitmentASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersAdditional CommitmentASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersAdditional CommitmentASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersAdditional CommitmentASIC’s Read More …

Strengthening protections

Strengthening protections for consumers, small businesses and rural and regional communities All Australians have the right to be treated fairly in their dealings with their financial firms. This is critical to ensuring that Australians can confidently engage with, and have 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 …

Strengthening protections for consumers, small businesses and rural and regional communities

All Australians have the right to be treated fairly and honestly in their dealings with financial services entities. It is fundamental to ensure consumers have trust in the financial system. We have already reformed remuneration practices in the life insurance Read More …

Conflicts

Where possible, conflicts of interest and conflicts between duty and interest should be removed. There must be recognition that conflicts of interest and conflicts between duty and interest should be eliminated rather than ‘managed’. Several recommendations deal with conflicts of 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 …