ASIC and APRA should prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligation to co‑operate. The memorandum should be reviewed biennially and each of ASIC and APRA should report each year on Read More …
Tag: report
3.8 — Adjustment of APRA and ASIC’s roles
The roles of APRA and ASIC with respect to superannuation should be adjusted, as referred to in Recommendation 6.3. Government Response The Government agrees to this recommendation, consistent with the Government’s response to Recommendation 6.3 which sets out the general Read More …
External dispute resolution
Recommendation 7.1 – Compensation scheme of last resort The three principal recommendations to establish a compensation scheme of last resort made by the panel appointed by government to review external dispute and complaints arrangements made in its supplementary final report Read More …
Interim Report
No. Received from 1 ACBF Group Holdings PTY LTD 2 Mario Andres Munoz Acosta 3 Thomas W Adams 4 Adaptive Cultures Pty Ltd 5 Ahmed Ahmetagic 6 Aidin 7 Patricia Ainsworth 8 Max Aleckson 9 Robert Alexander 10 Margaret Mary Read More …
11.2 Evidence
The Healds held a home and contents policy with AAI.[1] The policy was branded as a Suncorp product.[2] On 22 April 2015, they lodged a claim with AAI for damage to their property caused by a major storm in the Read More …
7.3 What the case study showed
This case study raised issues not only about the misleading and deceptive content on Allianz’s website, but also about Allianz’s compliance processes, governance and culture more generally. It is convenient to begin with the issues relating to the misleading and Read More …
1.2 Evidence
1.2.1Fees for no service As my Interim Report records, ASIC started its ‘Wealth Management Project’ in 2014.[1] This was a major project focusing upon the financial advice businesses conducted by ANZ, CBA, NAB, Macquarie, Westpac and AMP. And, as also Read More …
1.2 ASIC Enforcement Review Taskforce Government Response
In December 2017, the ASIC Enforcement Review Taskforce provided its report to Government.[1] The report made 50 recommendations with respect to, among other things, breach reporting under the Corporations Act, industry codes, and ASIC’s licensing, banning, and directions powers. In Read More …
9.1 The additional oversight required
The essential role of the oversight body should be to assess: the effectiveness of each regulator in discharging its functions and meeting its statutory objects; the performance of the leaders and decision-makers within the regulator; and how the regulator exercises Read More …
1.7 Productivity Commission Competition Report
The Murray Inquiry had recommended that ‘Government should provide more clarity around its expectations of regulators’ and that ‘regulators should develop better performance indicators’.[1] In its report on competition in the Australian financial system, the Productivity Commission emphasised the importance Read More …