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ACCC brings action against Equifax

Wednesday 21 March 2018



The competition regulator has brought action against Equifax for a breach of Australian Consumer Law.

Allegedly, Equifax had been misleading customers to believe its paid credit reports were more comprehensive than those it offered free-of-charge.

According to the Australian Competition and Consumer Commission (ACCC), “Equifax also allegedl...

By Kwame Slusher

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Anticipating Tranche 2 In Australia

Friday 16 March 2018



Following the media storm of the ‘Panama Papers’ in 2016, Anthony Quinn, Founder of Regtech start-up, Arctic Intelligence, asked whether tranche 2 will ever happen. While it is known for a fact that it will, it remains a matter of when.

Quinn writes:

There is little logic in the argument that AML laws should be strengthened for existing ...

By Kwame Slusher

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financial advice is in the spotlight next month

Thursday 15 March 2018

Financial Standard

The Financial standard reports that financial advice will be under the spotlight in the Royal commission in April.

It was reported that the Royal Commission has received 1, 894 public submissions:
  • 67% in banking
  • 11% for superannuation
  • 6% general insurance

The Financial Ombudsman Service (FOS) suggest...

By Kwame Slusher

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The Importance of Training

Wednesday 14 March 2018



in conversation with Jag Narayan 

 
Last week, GRC Professional took the opportunity to catch up with GRCI member and Chief Risk Officer at State Super, Jag Narayan.

Narayan spoke about the importance of incorporating a balance of formal and informal development through the lens of his own career.
 

Interview

Tell me a little about...

By Kwame Slusher

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For the good of the profession

Wednesday 14 March 2018



Graham Caddies, Principal Consultant, Trainer and Auditor for Advance ProfitPlan (APP), speaking the GRC 2017 Conference Awards Dinner.

interview with Graham Caddies 

* This interview was originally published in the In the GRC Professional Magazine 

Graham Caddies, Principal Consultant, Trainer and Auditor for Advance ProfitPlan (APP)...

By Kwame Slusher

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NAB refuting FSU allegations

Wednesday 14 March 2018




News Summary 

Financial Review

National Australia Bank (NAB) will be refuting claims made by the Financial Sector Union that it has failed to discipline senior staff.

The failure of discipline is allegedly connected to a series of fraudulent mortgages and has been tightening the ‘eligibility’ for NAB’s ‘introducer program’.

The Aus...

By Kwame Slusher

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Cartel Ruling Upheld

Wednesday 14 March 2018



Competition 

The Full Federal Court of Australia has upheld the ruling against Prysmian’s cartel conduct and has dismissed their appeal.

“The ACCC is committed to pursuing cartel conduct, which can cause significant harm to consumers, other businesses, and the competitive process the economy depends on,” said ACCC Chair, Rod Sims.

In the...

By Kwame Slusher

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IOSCO Report on protecting aged investors

Tuesday 13 March 2018



Published recently, the International Organisations of Securities Commission’s (IOSCO) report, entitled Senior Investor Vulnerability, looks at the growing risks to senior investors and practices that can help protect them.

According to the official statement from IOSCO, “Ageing populations are a challenge to investor protection, as ageing and...

By Kwame Slusher

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Information security prudential standard

Monday 12 March 2018



The Australian Prudential Regulatory Authority (APRA) has released the first cross-industry consultation draft for a prudential standard in information security management.

The draft is titled CPS 234 Information Security Management: A new cross-industry prudential standard. It was released last Thursday.

"Australian financial institutions ...

By Kwame Slusher

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Remembering the Courage of Jennifer O’Donnell

Thursday 8 March 2018




Life is difficult to quantify, if it can be quantified at all. It is especially difficult to quantify the life of someone like Jennifer O’Donnell, who passed away last week after a three-year battle with cancer, and who made such a substantial contribution to her profession, both from a regulatory and industry perspective.

Today, on Internat...

By Kwame Slusher

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