The Government will expand the Federal Court’s jurisdiction in relation to criminal corporate crime. The Royal Commission has emphasised that effective deterrence through judicial decisions relies on the timely institution of proceedings and punishment of misconduct. The Government agrees, and Read More …
Tag: matter
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 protection and market conduct matters. APRA should be Read More …
Simplification so that the law’s intent is met
Recommendation 7.3 – Exceptions and qualifications As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Recommendation 7.4 – Fundamental norms As far as possible, legislation governing financial Read More …
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 …
Unfair contract terms
Recommendation 4.7 – Application of unfair contract terms provisions to insurance contracts The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended Read More …
Submissions by industry
As part of the public submission process, people were asked to indicate the part of the financial services industry to which their matter related. Of all the submissions received, the largest proportion were received in relation to banking (61%), superannuation 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 …
2.3 What the case study showed
2.3.1Misconduct In its submissions to the Commission, Freedom suggested that in circumstances where ASIC was reviewing Freedom’s practices, ‘ASIC might be considered the more appropriate body to review and make final determinations regarding the past conduct of Freedom Insurance [than Read More …
4.6 What the case study showed
4.6.1Did Questor mislead TPS members in breach of section 12DA of the ASIC Act? Counsel Assisting submitted that Questor may have engaged in misleading and deceptive conduct, in breach of section 12DA of the ASIC Act, by sending the letter Read More …
4.2 The APRA proceedings
On 6 December 2018, APRA commenced proceedings against IIML, Questor, Mr Kelaher, and four other individuals holding senior positions at IOOF: the Chair, George Venardos; the Chief Financial Officer, David Coulter; the General Manager – Legal Risk and Compliance and Read More …