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Regulatory

Unclear disclosure costs bank $5m

KARREN VERGARA  |  MONDAY, 3 APR 2017
The Australian and Securities Investment Commission has forced Citibank to refund about $5 million to 230,000 customers for failing to properly disclose credit card international transaction fees.

Not our job to protect big insurers: APRA

ALEX BURKE  |  FRIDAY, 31 MAR 2017
The rise of peer-to-peer insurance and smaller insurance tech companies should be taken as a warning to established players - and APRA isn't going to protect outdated business models from failing.

Life code needs work: ASIC

ALEX BURKE  |  THURSDAY, 30 MAR 2017
The Life Insurance Code of Practice should be expanded, according to ASIC deputy chair Peter Kell.

ABA committing to industry reforms

KARREN VERGARA  |  THURSDAY, 30 MAR 2017
The Australian Bankers' Association announced it will commit to the majority of the Khoury Report's proposed banking reforms, promising to raise its code of practice to meet higher standards.

Advisers to consult on ASIC's behalf

JAMIE WILLIAMSON  |  WEDNESDAY, 29 MAR 2017
ASIC has formed a committee comprising practicing financial advisers in a bid to improve the advice industry's engagement with the regulator.

ASIC releases RE compliance obligations

KARREN VERGARA  |  TUESDAY, 28 MAR 2017
The Australian Securities and Investment Commission is urging responsible entities to maintain adequate risk management systems to avoid any adverse consequences for investors.

ASIC cancels AFSL licences

EMMA RAPAPORT  |  MONDAY, 27 MAR 2017
ASIC cancelled the Australian financial services licenses of two financial services companies for failure to comply with a number of key obligations.

Former adviser cops ASIC reprimand

JAMIE WILLIAMSON  |  FRIDAY, 24 MAR 2017
A former Macquarie Equities Limited adviser agreed to not provide financial services for four years as part of an enforceable undertaking by ASIC.

Barclays fined following ASIC investigation

JAMIE WILLIAMSON  |  FRIDAY, 24 MAR 2017
ASIC accepted enforceable undertakings from three Barclays foreign financial service providers for failing to inform Australian clients they were exempt from holding an AFSL.

CommInsure cleared of medical misconduct

ALEX BURKE  |  THURSDAY, 23 MAR 2017
ASIC's investigation into CommInsure found no evidence of claims managers applying pressure on medical staff to change assessments, although the regulator said claims handling fell short of community expectations.