BEAR – Financial Institutions Recommendation 6.8 – End 2020Extending the BEAR to all APRA‑regulated financial services institutions BEAR – Insurers Recommendation 4.12 – End 2020Extending the BEAR to APRA‑regulated insurers BEAR – Joint Administration Recommendation 6.6 – End 2020Joint administration Read More …
Tag: service
Appendix C: Industry Implementation
Recommendation Relevant stakeholders Timing Recommendation 1.8 – Amending the Banking Code Australian Banking Association (ABA), individual banks The ABA has announced the amended Banking Code, incorporating recommendations 1.8 and 1.13, will be implemented by March 2020. The Government welcomes the Read More …
Funding for financial counselling
The Government agrees with the suggestion by Commissioner Hayne that there is a need for predictable and stable funding for the legal assistance sector and for counselling services. Financial counselling services play an important role in supporting consumers and the Read More …
7.4 — Fundamental norms
As far as possible, legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter. Government Response The Government agrees to simplify the Read More …
7.2 — Implementation of recommendations
The recommendations of the ASIC Enforcement Review Taskforce made in December 2017 that relate to self‑reporting of contraventions by financial services and credit licensees should be carried into effect. Government Response The Government agrees to implement the outstanding ASIC Enforcement Read More …
5.6 — Changing culture and governance
All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; and determine whether the changes it has Read More …
5.4 — Remuneration of front line staff
All financial services entities should review at least once each year the design and implementation of their remuneration systems for front line staff to ensure that the design and implementation of those systems focus on not only what staff do, Read More …
2.1 — Annual renewal and payment
The law should be amended to provide that ongoing fee arrangements (whenever made): must be renewed annually by the client; must record in writing each year the services that the client will be entitled to receive and the total of Read More …
Culture, governance and remuneration
Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …
Simplifying the law so that its intent is met
A general recommendation is that, as far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated (Recommendation 7.3). In this way, the first, and essential, step to take is Read More …