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Regulatory

Merrill Lynch Equities Australia handed $96,000 fine

MARK SMITH  |  FRIDAY, 12 SEP 2014
Merrill Lynch Equities Australia has been forced to pay a $96,000 fine to comply with an infringement notice given to it by the Markets Disciplinary Panel.

Penalties for fund managers too lenient

MARK SMITH  |  WEDNESDAY, 10 SEP 2014
The penalties dealt out to fund managers who commit fraud are not a severe enough deterrent, according to a senior university lecturer.

Ties between product and advice "archaic": FPA

ALICE URIBE  |  FRIDAY, 5 SEP 2014
The Financial Planning Association urged the Financial System Inquiry to review the definition of 'financial product advice' in the Corporations Act and said that the current regime was "detrimental to innovation."

New players need support to enter financial services: Coles

LAURA MILLAN  |  FRIDAY, 5 SEP 2014
Large banks' commercial competitive advantage over smaller organisations is a barrier to the entrance of new players in the financial services industry, Coles has said

SEC bestow first whistleblowers awards

ALEX DUNNIN  |  THURSDAY, 4 SEP 2014
While Australian financial regulators wrestle with how to treat whistleblowers, in the US regulators actually have a formal executive office dedicated to supporting them and even bestow awards on whistleblowers.

Call general advice 'sales': CBA

ALICE URIBE  |  FRIDAY, 29 AUG 2014
The Commonwealth Bank of Australia has recommended there be changes to the way that 'advice' is described in its second round submission that responds to the Financial System Inquiry's (FSI) Interim Report.

FSI flooded with second round submissions

ALICE URIBE  |  FRIDAY, 29 AUG 2014
More than 6,300 bodies, companies and individuals have provided second round submissions in response to the Financial System Inquiry's Interim Report which was released in July.

FSC: Appoint an ASIC commissioner for international issues

MARK SMITH  |  THURSDAY, 28 AUG 2014
The Financial Services Council (FSC) has called on the Financial System Inquiry to consider the appointment of a new ASIC commissioner to deal with international regulatory issues and for an agency to be established to coordinate and promote financial ...

BT unveils tougher adviser standards

LAURA MILLAN  |  TUESDAY, 26 AUG 2014
Westpac-owned BT Financial Group is the latest group to confirm new minimum education requirements for its financial advisers, responding to mounting pressure from consumers, associations and a Senate Economics Committee report.

Actuaries Institute to advise FSI on longevity

JAMES FERNYHOUGH  |  MONDAY, 25 AUG 2014
The Financial System Inquiry has enlisted the Actuaries Institute to advise it on possible product solutions that deal with the challenge of longevity.