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Showing 31 - 40 of 68 results for %22Financial Accountability Regime%22

Regulators circle as scandal engulfs Westpac

ALLY SELBY  |  WEDNESDAY, 4 DEC 2019
... warranted and the behaviour is sufficiently serious, to seek disqualification of individuals". APRA is just one of three financial regulators investigating Westpac, with ASIC and AUSTRAC also investigating the breaches. Chief executive Brian Hartzer ...

Super fund PDSs to include single cost of product figure

HARRISON WORLEY  |  FRIDAY, 29 NOV 2019
... Danielle Press said the more consistent and comparable disclosure the update to RG97 delivers will help consumers and financial advisers better understand the fees and costs involved in super funds and investments products, enabling them to make more ...

ASIC clamps down on poor advice, grandfathered commissions

KARREN VERGARA  |  WEDNESDAY, 28 AUG 2019
ASIC warned it will clamp down on financial advice misconduct and ensure it sees an end to grandfathered commissions. The corporate watchdog outlined its priorities for the advice sector between now and 2023 in its recently released Corporate Plan. ...

APRA proposes new remuneration standard

KARREN VERGARA  |  TUESDAY, 23 JUL 2019
... 511 Remuneration is open for consultation until October 22. Chief among the proposals affect variable remuneration - financial performance measures must not exceed 50% of the criteria and minimum deferral periods of up to seven years will be introduced ...

APRA forced to overhaul culture, capabilities

KARREN VERGARA  |  WEDNESDAY, 17 JUL 2019
... is "unwilling to challenge itself, slow to respond and tentative in addressing issues that do not entail traditional financial risks," the panel said. Its approach to operate "behind closed doors" and "strong preference to do things behind the scenes" ...

Regulators receive pre-Budget funding boost

HARRISON WORLEY  |  MONDAY, 25 MAR 2019
The Federal Government is committing an extra half a billion dollars to Australia's financial services regulators. Over the weekend, Treasurer Josh Frydenberg announced an extra $550 million would be dedicated to ASIC and APRA in the upcoming Federal ...

APRA could oversee stalled super fund mergers

KANIKA SOOD  |  WEDNESDAY, 6 FEB 2019
The financial services Royal Commission has suggested APRA's proposed new powers could be used to address stalled super fund mergers. The Parliament is currently waiting to pass a number of changes to the Superannuation Industry (Supervision) Act (SIS ...

Harder for insurers to dodge claims

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... CommInsure used outdated medical definitions in denying a customer's heart attack claim and did not co-operate with the Financial Services Ombudsman to whom the customer made a complaint. It also denied 88% of the claims made on accidental death ...

Commonwealth FP fails to meet EU obligations

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
Hours before the final report from the Royal Commission goes public, Commonwealth Financial Planning has been ordered by ASIC to stop charging ongoing service fees. It is also barred from entering any new ongoing service arrangements with customers. ...

Industry dubious about one regulatory body: Survey

KARREN VERGARA  |  MONDAY, 10 DEC 2018
The financial services industry is ambivalent about having one overarching regulator, Financial Standard 's latest survey shows. Asked if it was feasible to merge APRA and ASIC, Financial Standard' s readership was split. The structure of Australia's ...