Additional commitment – Independent inquiry into changes in industry practices Additional commitment – Assessment of the effectiveness of changes made by the regulators following the Royal Commission by the (to be established) financial regulator oversight authority
Tag: practice
ASIC’s enforcement practices
Recommendation 6.2 – ASIC’s approach to enforcement ASIC should adopt an approach to enforcement that: takes, as its starting point, the question of whether a court should determine the consequences of a contravention; recognises that infringement notices should principally be 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 …
8.3 What the case study showed
Mr Bessell accepted that consumers were sold products that were of questionable or little value to them, and that the products could have been better explained by the dealers.[1] Mr Bessell agreed that the number and complexity of the products 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 …
1.1 Background
This case study concerned the direct sale of life insurance by ClearView Life Assurance Limited (ClearView), and ClearView’s engagement with the Australian Securities and Investments Commission (ASIC) in respect of its sales practices. The Commission heard evidence from Mr Gregory Read More …
1.2 Executive remuneration
Regulatory and other bodies considering the links between remuneration practices and misconduct have given particular attention to the remuneration of executives because it is the board and senior management of financial services entities who are responsible for, and have the Read More …
1.1 Background
1.1.1Responses to the GFC As the report of the Australian Prudential Regulation Authority (APRA) Prudential Inquiry into CBA noted, ‘remuneration practices at financial institutions globally came under a harsh spotlight during the Global Financial Crisis’.[1] The report said that remuneration Read More …
1 Remuneration
I begin with remuneration. As I said in the Interim Report, ‘the conduct identified and criticised in [that] report was driven by the pursuit of profit – the entity’s revenue and profit, and the individual actor’s profit’.[1] Of the topics Read More …
Introduction
I said in the first chapter of this Report that there can be no doubt that the primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who managed and controlled those entities: their Read More …