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- Commentary
- Glossary
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- Legislation
- Preface
- 1 This report
- 2 Recommendations
- 3 Recommendations by subject matter
- 4 Recommendations: Answering the key questions
- Introduction
- 1 Direct lending under the NCCP Act
- 2 Intermediated home lending
- 3 Intermediated auto lending and associated issues
- 4 Access to banking services
- 5 Lending to small and medium enterprises
- 6 Enforceability of industry codes
- 7 Processing and administrative errors
- Conclusion
- An addendum: Bankwest
- Introduction
- 1 History
- 2 Fees for no service
- 3 Inappropriate advice
- 4 Professional discipline
- Conclusion
- Introduction
- 1 Some history
- 2 Trustees’ obligations to members
- 3 Regulatory framework
- Conclusion
- Introduction
- 1 History
- 2 The life insurance industry
- 3 The general insurance industry
- 4 Issues and responses
- 5 Group life insurance
- Conclusion
- Introduction
- 1 Remuneration
- 2 Culture
- 3 Governance
- Conclusion
- Introduction
- 1 History
- 2 ASIC’s remit
- 3 Changing ASIC’s enforcement culture
- 4 APRA’s remit
- 5 Co-regulation by APRA and ASIC
- 6 Regulatory co-ordination and information sharing
- 7 Governance of the regulators
- 8 External oversight
- 9 A new oversight authority
- Conclusion
- Introduction
- 1 Pending proposals
- 2 Legal assistance and financial counselling services
- 3 Simplification so that the law’s intent is met
- The Commission’s tasks
- Introduction
- 1 NULIS Nominees (Australia) Ltd
- 2 CBA superannuation funds
- 3 AMP
- 4 IOOF
- 5 ANZ branch selling program
- 6 Suncorp Portfolio Services Limited
- 7 QSuper
- 8 Hostplus
- 9 Board governance
- 10 Mergers
- 11 Trustee money management
- 12 Payments from third party managed investment schemes
- 13 Fees for no service
- 14 MySuper and other retail groups
- 15 Regulatory responses
- Introduction
- 1 ClearView
- 2 Freedom
- 3 CommInsure
- 4 TAL
- 5 REST
- 6 AMP
- 7 Allianz
- 8 IAG
- 9 Youi
- 10 AAI Ltd (AAMI’S Complete Replacement Cover policy)
- 11 AAI Ltd (Hunter Valley storm)
- Letters Patent
- Hearing dates
- Introduction
- Consumer lending and personal finance
- Financial advice
- Small and medium enterprises (SMEs)
- Experiences with financial services entities in regional and remote communities
- Agricultural lending
- Aboriginal and Torres Strait Islander people
- Superannuation
- Insurance
- The Commission team
- Witnesses
- Submissions
- Background Papers and Research Paper
- Banking
- Financial advice
- Superannuation
- Insurance
- Culture, governance and remuneration
- Regulators
- Other important steps
- Recommendations: Answering the key questions
- Government Response
- Foreword
- Restoring Trust in Australia’s Financial System
- The Government will build on its existing reforms
- Strengthening protections for consumers, small businesses and rural and regional communities
- Enhancing accountability
- Ensuring strong and effective financial system regulators
- Further improving consumer and small business access to redress
- Implementing the reforms to achieve lasting change
- Recommendations – Banking
- 1.1 — The NCCP Act
- 1.2 — Best interests duty
- 1.3 — Mortgage broker remuneration
- 1.4 — Establishment of working group
- 1.5 — Mortgage brokers as financial advisers
- 1.6 — Misconduct by mortgage brokers
- 1.7 — Removal of point of sale exemption
- 1.8 — Amending the Banking Code
- 1.9 — No extension of the NCCP Act
- 1.10 — Definition of ‘small business’
- 1.11 — Farm debt mediation
- 1.12 — Valuations of land
- 1.13 — Charging default interest
- 1.14 — Distressed agricultural loans
- 1.15 — Enforceable code provisions
- 1.16 — 2019 Banking Code
- 1.17 — BEAR product responsibility
- Recommendations – Financial Advice
- 2.1 — Annual renewal and payment
- 2.2 — Disclosure of lack of independence
- 2.3 — Review of measures to improve the quality of advice
- 2.4 — Grandfathered commissions
- 2.5 — Life risk insurance commissions
- 2.6 — General insurance and consumer credit insurance commissions
- 2.7 — Reference checking and information sharing
- 2.8 — Reporting compliance concerns
- 2.9 — Misconduct by financial advisers
- 2.10 — A new disciplinary system
- Recommendations – Superannuation
- 3.1 — No other role or office
- 3.2 — No deducting advice fees from MySuper accounts
- 3.3 — Limitations on deducting advice fees from choice accounts
- 3.4 — No hawking
- 3.5 — One default account
- 3.6 — No treating of employers
- 3.7 — Civil penalties for breach of covenants and like obligations
- 3.8 — Adjustment of APRA and ASIC’s roles
- 3.9 — Accountability regime
- Recommendations – Insurance
- 4.1 — No hawking of insurance
- 4.2 — Removing the exemptions for funeral expenses policies
- 4.3 — Deferred sales model for add on insurance
- 4.4 — Cap on commissions
- 4.5 — Duty to take reasonable care not to make a misrepresentation to an insurer
- 4.6 — Avoidance of life insurance contracts
- 4.7 — Application of unfair contract terms provisions to insurance contracts
- 4.8 — Removal of claims handling exemption
- 4.9 — Enforceable code provisions
- 4.10 — Extension of the sanctions power
- 4.11 — Co operation with AFCA
- 4.12 — Accountability regime
- 4.13 — Universal terms review
- 4.14 — Additional scrutiny for related party engagements
- 4.15 — Status attribution to be fair and reasonable
- Recommendations – Culture, Governance and Remuneration
- 5.1 — Supervision of remuneration — principles, standards and guidance
- 5.2 — Supervision of remuneration — aims
- 5.3 — Revised prudential standards and guidance
- 5.4 — Remuneration of front line staff
- 5.5 — The Sedgwick Review
- 5.6 — Changing culture and governance
- 5.7 — Supervision of culture and governance
- Recommendations – Regulators
- 6.1 — Retain twin peaks
- 6.2 — ASIC’s approach to enforcement
- 6.3 — General principles for co regulation
- 6.4 — ASIC as conduct regulator
- 6.5 — APRA to retain functions
- 6.6 — Joint administration of the BEAR
- 6.7 — Statutory amendments
- 6.8 — Extending the BEAR
- 6.9 — Statutory obligation to co operate
- 6.10 — Co operation memorandum
- 6.11 — Formalising meeting procedure
- 6.12 — Application of the BEAR to regulators
- 6.13 — Regular capability reviews
- 6.14 — A new oversight authority
- Other Important Steps
- Additional Government Actions
- Implementation Roadmap
- Foreword
- An Implementation Roadmap
- Government Actions to Date – Completed
- In Progress
- Financial Services Reform Taskforce
- Implementation Steering Committee
- The Government’s Implementation Plan
- Appendix A: Government Implementation Plan
- End 2019
- By 30 June 2020
- By End 2020
- Reviews in 2022
- Other Measures
- Appendix B: Regulator Implementation Plans
- Appendix C: Industry Implementation
- End 2019
- June 2020
- End 2020
- A
- B – E
- F – H
- I – R
- S – Z
- Banking
- Financial Advice
- Superannuation
- Insurance
- Regulators
- Other Important Considerations
- Additional Commitments