ASIC Banning PowersASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersASIC’s telecommunications interceptions powers (ASIC Read More …
Tag: sector
Ensuring Strong Regulators
Ensuring strong and effective financial system regulators It is critical that our regulators have the resources and powers they need to strengthen and intensify their approach to enforcement and supervision, and take on expanded responsibilities to address and deter misconduct Read More …
Foreword
Today, the Government releases its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government is taking action on all 76 recommendations contained within the Royal Commission’s Final Report and in a Read More …
2 Legal assistance and financial counselling services
The asymmetry of knowledge and power between consumers and financial services entities has been evident throughout the Commission’s work. Financial products and services have grown ever more complicated, numerous, and difficult to distinguish. Engagement with the financial services industry, by Read More …
7.4 Periodic capability reviews
The pace of change in the finance sector must be responded to by its regulators. As the market moves, regulators should consider if their structure and processes remain appropriately adapted to market conditions. ASIC has recently undergone a capability review. Read More …
3.3 Accountability
Accountability is centrally important to any consideration of culture, governance and remuneration. Clear accountability is vital to effective governance. It ensures that issues are resolved, and resolved effectively. It fosters a culture where risks are managed soundly. It lies at Read More …
Introduction
The superannuation sector of the financial services industry is important, not only to the many individuals who participate in it as members of superannuation funds, but also to the nation. Superannuation is important to individuals because it will affect, even Read More …
1.1 How did the financial advice industry emerge?
Traditionally, the business of banking comprised lending, deposit-taking and the provision of transaction services.[1] Until the 1970s, the reach of the funds management sector – that is, entities that pool and invest money on behalf of customers – was limited. Read More …
Introduction
Over the last decade, many Australians have sought financial advice. Over the same period, the financial advice industry has grown significantly. As at 1 April 2018, there were 25,386 financial advisers in Australia, an increase of around 41% compared with Read More …
Introduction
In this part of the Report I will deal with conduct and issues relating to what may loosely be described as ‘traditional’ banking services. In the Interim Report, I pointed out[1] that the traditional business of banking comprised lending, deposit Read More …