Recommendation 2.10 – A new disciplinary system for financial advisers Recommendation 7.1 – Compensation scheme of last resort
Tag: system
Keeping industry accountable
The Government expects that firms and industry associations will implement the Royal Commission recommendations directed to them. These recommendations will: provide greater protections for bank customers, including vulnerable consumers, small businesses and farmers; allow for greater sanctions to be imposed Read More …
Enhancing accountability
Restoring trust in our financial system will require lasting change in the culture, governance and remuneration practices of financial firms. Boards and executives in these firms will need to drive this change — and the Government is committed to holding Read More …
Review of the effects of vertical and horizontal integration in the financial system
The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …
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 Prudential Standards and practices designed to ensure Read More …
5.3 — Revised prudential standards and guidance
In revising its prudential standards and guidance about the design and implementation of remuneration systems, APRA should: require APRA‑regulated institutions to design their remuneration systems to encourage sound management of non‑financial risks, and to reduce the risk of misconduct; require Read More …
5.2 — Supervision of remuneration — aims
In conducting prudential supervision of the design and implementation of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should have, as one of its aims, the sound management by APRA‑regulated institutions of not only financial risk Read More …
5.1 — Supervision of remuneration — principles, standards and guidance
In conducting prudential supervision of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should give effect to the principles, standards and guidance set out in the Financial Stability Board’s publications concerning sound compensation principles and practices. Read More …
2.10 — A new disciplinary system
The law should be amended to establish a new disciplinary system for financial advisers that: requires all financial advisers who provide personal financial advice to retail clients to be registered; provides for a single, central, disciplinary body; requires AFSL holders Read More …
Ensuring strong and effective financial system regulators
For Australians to have trust in the financial system, the regulatory framework must be enforced by effective regulators. The Government has taken significant action to increase the capabilities, powers and funding of the financial regulators, and to refresh their leadership. Read More …