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: relation
Additional Government Actions
Additional measure – Federal Court jurisdiction in relation to criminal corporate crime Additional measure – Funding for financial counselling Additional measure – Extension of legislation for PIP/DDO Additional measure – Superannuation binding death benefit nominations for indigenous people Additional measure Read More …
4.4 — Cap on commissions
ASIC should impose a cap on the amount of commission that may be paid to vehicle dealers in relation to the sale of add‑on insurance products. Government Response The Government agrees to provide ASIC with the ability to cap commissions Read More …
Superannuation: Conduct regulation
Recommendation 6.3 – General principles for co-regulation The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 15: Insurance submissions: Key themes Claims handling The Commission received over 430 submissions that primarily focused on Read More …
Overview
The Commission received 1,527 submissions identifying insurance as part of their dealings with financial services. Submissions referred to insurance products offered by insurers ranging from small to very large companies, products sold by the big four banks and other ADIs, Read More …
Consumer themes
Concerns were consistently raised in relation to funeral insurance products, access to superannuation benefits and entitlements, consumer lending and banking fees and practices. Another primary issue of concern was access to financial products and services for Aboriginal and Torres Strait Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 9: SMEs submissions: Key themes Responsible lending The Commission received over 315 submissions that focused on unfair Read More …
Overview
The Commission received 1,211 public submissions identifying small business finance as part of their dealings with financial services. These submissions also included issues with larger lenders, smaller ADIs and intermediaries. Issues raised in submissions were similar in nature to issues Read More …
Overview
Submissions highlighted a range of concerns about the conduct of major banks or other large financial services entities as well as conduct by smaller financial planning or advice services. Over 300 different financial services entities were mentioned in the 1,139 Read More …