There are events in the history of ASIC and APRA’s relationship that show the harm that can come from a lack of co-ordination. In April 2003, the Report of the HIH Royal Commission was published, providing early insight into the Read More …
Tag: vol
3.2 What change?
As I said in the Interim Report, legislation allowing criminal or civil punishment of conduct proceeds from the premise that engaging in the conduct is harmful to society. In financial services legislation, the premise is more likely to be that Read More …
3.1 Why change?
In the Interim Report, I said that ‘[w]hen deciding what to do in response to misconduct, ASIC’s starting point appears to have been: How can this be resolved by agreement?’[1] I said also that ‘[t]his cannot be the starting point Read More …
2.1 Size of the existing remit
ASIC’s remit is very large. It has increased greatly since ASIC was first established. As I noted in the Interim Report,[1] ASIC now administers 11 pieces of legislation and their associated regulations.[2] The legislation itself has grown longer and more Read More …
Introduction
I said in the Interim Report that almost all of the conduct identified and criticised in that Report contravened existing norms of conduct and that the most serious conduct broke existing laws.[1] Notwithstanding that, the law was too often not Read More …
4.1 Manner of sale and types of products sold
4.1.1How to sell: Advice about insurance products As I said at the start of this chapter, most life insurance policies held outside of superannuation accounts are purchased through financial advisers. In the chapter concerning financial advice, I dealt with the Read More …
3.1 Conflicts of duty and interest
As I said in the Interim Report,[1] consideration of conflicts of interest, or more accurately, conflicts between duty and interest, begins from two simple points: So long as advisers stand to benefit financially from clients acting on the advice that Read More …
Introduction
The second matter that emerged in connection with the provision of financial advice is that clients have often been given poor advice that has left them worse off than they would have been if proper advice had been given. I Read More …
An addendum: Bankwest
Chapter 5 of the Interim Report – Bankwest and CBA – set out my conclusions about complaints that have been made regarding CBA’s conduct in respect of customers who had borrowed from Bankwest before CBA acquired Bankwest in 2008. I Read More …
5.3 Guarantors
I do not favour altering or adding to the existing law in relation to guarantees, whether given in support of lending to SMEs or more generally. As I explained in the Interim Report, because third party guarantees are commonly taken Read More …