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 …
Tag: question
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 …
9 A new oversight authority
The need for a permanent oversight body gives rise to the further questions: What oversight is required, and who should undertake that work?
5 Co-regulation by APRA and ASIC
The original conception of APRA from the Wallis Inquiry has shaped how it perceives its role, how it performs its functions and how it exercises its powers. Mr Wayne Byres, APRA’s Chair, put the matter plainly: [W]e don’t see ourselves Read More …
3.2 What change?
As I said in the Interim Report, legislation allowing criminal or civil punishment of conduct proceeds from the premise that engaging in the conduct is harmful to society. In financial services legislation, the premise is more likely to be that Read More …
Introduction
I said in the Interim Report that almost all of the conduct identified and criticised in that Report contravened existing norms of conduct and that the most serious conduct broke existing laws.[1] Notwithstanding that, the law was too often not Read More …
4.2 Pre-contractual non-disclosure and misrepresentations
Part IV of the Insurance Contracts Act governs disclosures and misrepresentations by an insured. The TAL case study raised serious questions about whether the provisions contained in that Part strike an appropriate balance between the interests of insurers and insureds. Read More …
5.1 The lending framework
I will begin by explaining why I do not favour extending the provisions of the NCCP Act to small businesses. As I said in the Interim Report, the responsible lending provisions of the NCCP Act do not apply to lending Read More …
4 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 …
2 Recommendations
In the succeeding chapters of this Report, I make a number of recommendations. It is desirable to set them out here and to do that: first, by reference to subject matter, recording the recommendations in the order in which they Read More …