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Regulatory

Melbourne advice firm cops historic $1 million fine

JAMIE WILLIAMSON  |  MONDAY, 30 OCT 2017
A Melbourne-based financial advice firm is the first to be penalised for breaching the best interests duty, slapped with a $1 million fine by the Federal Court.

Forgery sees former NAB adviser sentenced

JAMIE WILLIAMSON  |  FRIDAY, 27 OCT 2017
A former NAB adviser pleaded guilty to two charges of forgery brought against him by ASIC.

US recommends asset manager stress tests be removed

DARREN SNYDER  |  FRIDAY, 27 OCT 2017
US Treasury released a report overnight that makes several recommendations for its financial services industry, including the elimination of statutory stress testing for investment managers.

Trustees must raise bar on good governance: APRA

KARREN VERGARA  |  THURSDAY, 26 OCT 2017
Superannuation trustees must do more than comply with a code to improve governance practices, particularly when it comes to board appointments and composition, APRA deputy chair Helen Rowell said.

Fintech regulatory sandbox draft legislation released

KARREN VERGARA  |  WEDNESDAY, 25 OCT 2017
The Federal Government has released regulatory sandbox draft legislation in an effort to allow fintechs to test financial services and products without the burden of an AFSL.

White-collar crime penalties to skyrocket

KARREN VERGARA  |  TUESDAY, 24 OCT 2017
ASIC could soon impose substantial civil penalties and lengthy prison time for financial services corporations and employees guilty of misconduct, a review of its enforcement powers has found.

ANZ and ASIC settle over BBSW case

DARREN SNYDER  |  MONDAY, 23 OCT 2017
ANZ and the Australian Securities and Investments Commission have reached a confidential and in-principle agreement to settle court action relating to the Australian bank bill swap rate market.

CBA chair defends executive bonuses

KARREN VERGARA  |  MONDAY, 23 OCT 2017
The Commonwealth Bank is standing by the way it rewarded bonuses to senior executives between 2015 and 2016, the period it was made aware of potential anti-money laundering and counter-terrorism law breaches, a public inquiry has found.

BEAR should apply to insurance bosses: Spot poll

KARREN VERGARA  |  MONDAY, 23 OCT 2017
The Banking and Executive Accountability Regime (BEAR) should be widened to executives of life insurance companies, the latest spot poll results shows.

BEAR closer to legislation

KARREN VERGARA  |  FRIDAY, 20 OCT 2017
The Banking Executive Accountability Regime (BEAR) is one step closer to being legislated with the Turnbull Government yesterday referring its Bill to the House of Representatives.