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Regulatory

End to unfair mortgage exit fees

ASIC AND CHOICE RELEASES  |  MONDAY, 28 JUN 2010
ASIC has released a consultation paper on new laws regulating mortgage early exit fees, which are unconscionable or unfair.

IFSA rebrands to the Financial Services Council

MICHAEL HOBBS  |  FRIDAY, 25 JUN 2010
The Investment & Financial Services Association (IFSA) is changing its name to the Financial Services Council, signalling a move to broaden its reach and influence.

ASIC starts short positions daily reporting

ASIC RELEASE  |  WEDNESDAY, 23 JUN 2010
ASIC has started daily reporting of aggregated short positions on its website, following new reporting obligations introduced by the government to improve short sales transparency in Australia.

IMF settles with PIS on Westpoint

ASX RELEASE  |  MONDAY, 21 JUN 2010
Litigation firm, IMF Australia, has settled with Professional Investment Services (PIS) on behalf of a number of Westpoint investors.

NZ Commission gives AMP all clear

MICHAEL HOBBS  |  MONDAY, 21 JUN 2010
New Zealand's Commerce Commission has cleared AMP to buy AXA's Australian and New Zealand businesses.

NZ regulator extends AMP and AXA deadline

MICHAEL HOBBS  |  TUESDAY, 15 JUN 2010
New Zealand's Commerce Commission has delayed a final decision on AMP's bid for AXA Asia Pacific by two weeks to June 25.

Govt flags August for market supervision transfer

MICHAEL HOBBS  |  WEDNESDAY, 9 JUN 2010
The government said transferring market supervision powers to the regulator could occur by August this year, a move that will open the door for more participants to enter the market.

APRA concedes on life ins data, slaps down friendlies

ALEX DUNNIN  |  WEDNESDAY, 2 JUN 2010
After taking on and beating the super funds industry on public disclosure of fund level data, the regulator APRA has bowed to life insurance industry concerns and agreed to not disclose group wide performance metrics.

Fund fees not coming down: Cooper

MICHELLE BALTAZAR  |  THURSDAY, 27 MAY 2010
Super System Review chair Jeremy Cooper said market forces in super aren't enough to drive the best outcome for members, arguing that contrary to industry claims, fund fees have gone up, not down, in the past decade.

KPMG challenges ASIC on Constitutional powers

ASIC RELEASE  |  THURSDAY, 20 MAY 2010
KPMG is challenging the Australian Securities & Investments Commission (ASIC) regarding its case on behalf of Westpoint investors because it believes the regulator's case is unconstitutional.