Further improving consumer and small business access to redress The Government is committed to ensuring consumers and small businesses can access redress when they suffer from financial sector misconduct. For too long, consumers and small businesses have missed out on, Read More …
Tag: misconduct
Ensuring Strong Regulators
Ensuring strong and effective financial system regulators It is critical that our regulators have the resources and powers they need to strengthen and intensify their approach to enforcement and supervision, and take on expanded responsibilities to address and deter misconduct Read More …
5.7 — Supervision of culture and governance
In conducting its prudential supervision of APRA‑regulated institutions and in revising its prudential standards and guidance, APRA should: build a supervisory program focused on building culture that will mitigate the risk of misconduct; use a risk‑based approach to its reviews; Read More …
2.9 — Misconduct by financial advisers
All AFSL holders should be required, as a condition of their licence, to take the following steps when they detect that a financial adviser has engaged in misconduct in respect of financial advice given to a retail client (whether by Read More …
1.6 — Misconduct by mortgage brokers
ACL holders should: be bound by information‑sharing and reporting obligations in respect of mortgage brokers similar to those referred to in Recommendations 2.7 and 2.8 for financial advisers; and take the same steps in response to detecting misconduct of a Read More …
Ensuring strong and effective financial system regulators
For Australians to have trust in the financial system, the regulatory framework must be enforced by effective regulators. The Government has taken significant action to increase the capabilities, powers and funding of the financial regulators, and to refresh their leadership. Read More …
Enhancing accountability
It is the responsibility, first and foremost, of entities, their boards and senior executives to comply with the law, meet community standards and expectations, and treat their customers fairly. Nevertheless the regulatory framework must make it clear that where entities Read More …
The Government will build on its existing reforms
The Royal Commission has endorsed many of the themes and individual reforms the Government is currently pursuing. However, the Royal Commission has also found that there is further work to be done. The Government agrees. The Royal Commission has shone Read More …
Foreword
Today, the Government releases its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government is taking action on all 76 recommendations contained within the Royal Commission’s Final Report and in a Read More …
Culture, governance and remuneration
Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …