To support efficient and effective implementation of the Government’s response, the Treasury Royal Commission Taskforce has continued as the Financial Services Reform Taskforce. The Government has provided $12.1 million to Treasury and the Office of Parliamentary Counsel (OPC) for implementation‑related Read More …
Tag: work
Introduction
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017. From the outset, the Commission was committed to ensuring the public had easy access to information about the Commission and its Read More …
9.2 Evidence
9.2.1Sacha Murphy Ms Murphy took out a home and contents insurance policy with Youi in 2012.[1] In November 2016, there was a severe hail storm in Broken Hill that caused damage to Ms Murphy’s roof.[2] In January 2017, Ms Murphy Read More …
Introduction
In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …
9 A new oversight authority
The need for a permanent oversight body gives rise to the further questions: What oversight is required, and who should undertake that work?
8.2 Additional oversight required
Each body with an oversight role in respect of APRA or ASIC serves an important, but limited, function. The current framework is heavily focused on governance and financial accountability.[1] None of the existing processes requires regular and systematic review of Read More …
5 Co-regulation by APRA and ASIC
The original conception of APRA from the Wallis Inquiry has shaped how it perceives its role, how it performs its functions and how it exercises its powers. Mr Wayne Byres, APRA’s Chair, put the matter plainly: [W]e don’t see ourselves Read More …
2.2 Changing culture
As I have said, each financial services entity is responsible for its own culture. Each must form a view of its culture, identify problems, develop and implement a plan to deal with them, and then determine whether the changes it Read More …
2.1 Supervising culture
2.1.1Responses to the GFC While prudential supervisors have no doubt formed views about the culture of financial institutions for many years, the idea that the culture of financial institutions was directly linked to financial soundness and stability only appears to Read More …
1.1 Background
1.1.1Responses to the GFC As the report of the Australian Prudential Regulation Authority (APRA) Prudential Inquiry into CBA noted, ‘remuneration practices at financial institutions globally came under a harsh spotlight during the Global Financial Crisis’.[1] The report said that remuneration Read More …