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Regulatory

CBA avoids board spill

KARREN VERGARA  |  FRIDAY, 17 NOV 2017
CBA avoided a board spill after the majority of shareholders voted in favour of the remuneration report that was overhauled hot on the heels of AUSTRAC alleging the bank breached anti-money laundering laws.

Penalty issued for ASX rules breach

JAMIE WILLIAMSON  |  THURSDAY, 16 NOV 2017
One of Australia's largest stockbroking and financial advice firms was slapped with a $358,000 infringement notice by the corporate regulator.

Financial services industry welcomes 'Yes' result

EMMA RAPAPORT  |  WEDNESDAY, 15 NOV 2017
Leaders from across the financial services industry have welcomed the 'Yes' vote in favour of legalising same-sex marriage.

Queensland adviser enters ASIC enforceable undertaking

JAMIE WILLIAMSON  |  WEDNESDAY, 15 NOV 2017
ASIC accepted an enforceable undertaking from a Toowoomba financial adviser after he failed to act in the best interests of clients.

Life insurer definitions clashing: Regulators

KARREN VERGARA  |  TUESDAY, 14 NOV 2017
The lack of common definitions among life insurers is making it difficult for regulators to investigate claims payout ratios and is setting back attempts to standardise definitions across the industry.

ASIC remains firm on IFA definitions

DARREN SNYDER  |  TUESDAY, 14 NOV 2017
The Australian Securities and Investments Commission reaffirmed its position on terminology used to describe the independence of financial advisers.

Morrison backs customer-owned banking reforms

KARREN VERGARA  |  FRIDAY, 10 NOV 2017
Treasurer Scott Morrison has backed the entire proposed reform package for the banking co-ops and mutuals sector in an effort to further increase competition in banking and financial services.

ASIC needs tougher, direct powers: Taskforce

KARREN VERGARA  |  THURSDAY, 9 NOV 2017
ASIC should be given tougher intervention powers to direct how an Australian financial services licensee addresses or prevents compliance failures.

Former BBY adviser cops 10-year ban

KARREN VERGARA  |  WEDNESDAY, 8 NOV 2017
A former BBY financial adviser has been banned for 10 years, while an ex-CBA adviser pleaded guilty to forging client documents, corporate regulator ASIC said.

O'Dwyer urges AFCA consultation

KARREN VERGARA  |  FRIDAY, 3 NOV 2017
The Revenue and Financial Services Minister today welcomed a consultation paper on the terms of reference, governance and funding arrangements for the Australian Financial Complaints Authority (AFCA).