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 …

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 …