15.1.1 Approach to regulation Peter Kell, Deputy Chairman of ASIC, told the Commission that ASIC’s regulatory aim is to have a superannuation system that delivers good outcomes for consumers.[1] He said that ASIC is concerned with the fair treatment of Read More …
Tag: proceeding
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 …
The Commission’s tasks
In the Interim Report I pointed out that the first paragraph of the Terms of Reference obliged me to inquire into whether conduct might have amounted to misconduct (as defined) and that the second paragraph required me to consider whether Read More …
5.2 The BEAR
Another overlap between conduct matters and prudential matters arises from the Banking Executive Accountability Regime (BEAR). It will be recalled that the regime came into effect for large ADIs on 1 July 2018 and contains accountability obligations for both ADIs Read More …
3.3 Radical change?
For the first 90 years of Federation, civil penalty provisions were rarely found in the Commonwealth statute book.[1] In 1989, the Senate Standing Committee on Legal and Constitutional Affairs (the Cooney Committee) inquired into directors’ duties.[2] The Cooney Committee recommended Read More …
1.4 Early scandals
Scandals dating back to the GFC began to shed light on the conflicts and culture in the financial advice industry. Regulatory responses, however, focused on the remediation of specific instances of poor advice, rather than seeking to identify root causes Read More …