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Showing 41 - 50 of 68 results for %22Financial Accountability Regime%22

Former planner charged with dishonesty

HARRISON WORLEY  |  FRIDAY, 30 NOV 2018
ASIC has charged a former financial planner with 13 dishonesty offences, for allegedly transferring SMSF funds to his own businesses. Bradley Grimm - who previously ran the now wound-up Ostrava Equities - allegedly transferred funds from the SMSFs of ...

BEAR should be expanded, ASIC included: Shipton

JAMIE WILLIAMSON  |  FRIDAY, 23 NOV 2018
... Orr that he believes the BEAR should be expanded to also encompass all ASIC regulated entities, Orr referred to the UK Financial Conduct Authority's similar Senior Managers Regime which FCA staff are also required to adhere to. When questioned whether ...

APRA readies ADIs for BEAR

KARREN VERGARA  |  THURSDAY, 18 OCT 2018
... is a robust framework for identifying any breaches. APRA chair Wayne Byres said many problems that have arisen in the financial system over recent years have had, at their heart, organisational complexity and diffused responsibility. "By effectively ...

Banking remuneration practices to blame for misconduct

MICHELLE BALTAZAR  |  FRIDAY, 28 SEP 2018
... Inquiry, the interim report found. Governance and risk management practices failed to prevent the misconduct where a financial benefit was present for the individual or business breaching the rules. "There can now be no doubt that remuneration practices ...

Legislation lifts ASIC recruitment limitation

KARREN VERGARA  |  WEDNESDAY, 19 SEP 2018
... Frydenberg said the Bill ensures ASIC considers the effects its functions and powers will have on competition in the financial system. Competition is critical in improving the performance of the financial system - it ensures both consumers and investors ...

Frydenberg appoints second APRA deputy chair

HARRISON WORLEY  |  TUESDAY, 18 SEP 2018
... than 30 years of experience in Treasury, Frydenberg said he was confident Lonsdale would bring a deep knowledge of the financial system and policy expertise to APRA. According to the Treasurer, appointing a second deputy chair ensures APRA's executive ...

Life insurance data improving: Regulators

HARRISON WORLEY  |  FRIDAY, 25 MAY 2018
... improved transparency to this area, and our continuing work is benefiting consumers, insurers, and regulators." The Financial Services Council (FSC) welcomed the in-principle support of the regulators improving life insurance data collection practices. ...

UK fund managers must improve fairness

DARREN SNYDER  |  FRIDAY, 13 APR 2018
The UK's financial services conduct regulator has released new rules for fund managers as part of its ongoing study into the asset management market. The latest Financial Conduct Authority (FCA) report states that fund managers, as the agents of investors ...

PJC doubts life insurance industry can self-regulate

KARREN VERGARA  |  WEDNESDAY, 28 MAR 2018
... and is recommending the co-regulatory approach foreshadowed by ASIC. In its final report, the PJC on Corporations and Financial Services for the Life Insurance Industry said while it welcomed the industry's two nascent codes of practice, these should ...

Government passes BEAR reform

JAMIE WILLIAMSON  |  THURSDAY, 8 FEB 2018
... apply substantial fines, issue disqualifications with greater ease and ensure banks' remuneration policies result in financial consequences for individuals. Federal Treasurer Scott Morrison said: "This legislation is part of a broader suite of financial ...