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Regulatory

Morrison unveils open banking framework

KARREN VERGARA  |  MONDAY, 12 FEB 2018
The Federal Government's final report into open banking details 50 recommendations on how the new regime can succeed and ultimately empower consumers.

Royal Commission seeks further disclosure over financial misconduct

DARREN SNYDER  |  MONDAY, 12 FEB 2018
Commissioner Kenneth Hayne had to repeatedly ask some of Australia's largest financial services businesses to properly explain the nature, extent and effect of any misconduct over the past five to 10 years.

SEC cracks down on fee transparency

KARREN VERGARA  |  FRIDAY, 9 FEB 2018
The US Securities and Exchange Commission (SEC) announced it will crackdown on financial product providers' fee disclosures the year ahead in a bid to protect mum and dad investors.

AAT issues stay on Poidevin appeal to ASIC ban

JAMIE WILLIAMSON  |  FRIDAY, 9 FEB 2018
The Administrative Appeals Tribunal has issued a stay on the banning order against a Bell Potter executive.

Government passes BEAR reform

JAMIE WILLIAMSON  |  THURSDAY, 8 FEB 2018
The Banking Executive Accountability Regime legislation was passed in the Senate yesterday.

General advice "misleading": Productivity Commission

JAMIE WILLIAMSON  |  WEDNESDAY, 7 FEB 2018
The Productivity Commission is calling for the existing notion of general advice to be scrapped.

CBA puts away $500m for regulatory costs

DARREN SNYDER  |  WEDNESDAY, 7 FEB 2018
Commonwealth Bank posted a $4.7 billion after-tax profit in the first half of FY18 and its wealth management arm was a standout performer. However the bank has also put aside more than $500 million for ongoing legal and customer remediation costs.

ClearView issues refunds over life sales misconduct

JAMIE WILLIAMSON  |  TUESDAY, 6 FEB 2018
ClearView has stopped selling life insurance direct to consumers and will refund $1.5 million to thousands of customers as a result of poor sales practices.

CBA chair says culture needs improvement

ALEX BURKE  |  THURSDAY, 1 FEB 2018
In responding to APRA's ongoing prudential inquiry into the bank, Commonwealth Bank chair Catherine Livingstone acknowledged "there are aspects of our culture where we could improve."

CBA embroiled in rate-rigging allegations

KARREN VERGARA  |  WEDNESDAY, 31 JAN 2018
The Commonwealth Bank is disputing allegations made by ASIC that it rigged the bank bill swap reference rate (BBSW) and engaged in unconscionable conduct.