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Regulation 

The ‘best in show’ list is one of the big recommendations made by the Productivity Commission (PC) in order to improve consumer outcomes.

This approach, along with other recommendations, may be a step toward staunching the current fee leak that amounts to $2.6 billion annually.

Consolidation of consumers’ accounts will also a...

By Kwame Slusher


 
The Australian Competition and Consumer Commission (ACCC) announced earlier this week that Optus will have to pay $1.5 million for misleading representation about the National Broadband Network (NBN).

Between 2015 and 2017, the telecommunications company told 14,000 customers that if they did not move over to the NBN with Optus, they would be...

By Kwame Slusher


Money Management
 

The Financial Adviser standards may push as many as 14,000 financial advisers out of the industry.
 
Money Management reports:
 
The Adviser Ratings analysis claimed that on top of the Royal Commission and the FASEA regime, fragmentation of the institutional distribution model was also accelerating, with advisers churnin...

By Kwame Slusher



Penalties 

Once again, the Australian Competition Consumer Commission (ACCC) has made good on its announced enforcement priorities when it comes to anti-competitive behaviour, this time handing down the highest penalty ever imposed for a company caught engaging in cartel conduct.

Japanese company, Yazaki Corporation, has been ordered by the...

By Kwame Slusher



Regulation 


Brian Ho, Executive Director at the Securities and Futures Commission (SFC), wants market participants to know that regulation is not meant to be a roadblock but rather a tool to help create a better market.

At the Sixth Annual Institute on Corporate and Securities Law in Hong Kong 2018, Ho looked at some of the historical regul...

By Kwame Slusher



Fraud Risk 


During National Scam Awareness week, the Australian Competition and Consumer Commission (ACCC) released its Targeting Scams Report.

With calculated accumulated losses reported to the ACCC and other agencies amounting to $340 million—approximately $91 million reported to the ACCC alone—the figures are sobering.

According to th...

By Kwame Slusher

Thursday 17 May 2018



Financial Crime 


 
Changes in anti-bribery legislation will have an impact in Australia, with new expectations for companies in terms of risk and compliance approach.

At the recent AML & ABC Framework event, speaker Alyssa Phillips, Partner at Ashurst Lawyers, told attendees that enforcement at the local level has been lacking. As a result...

By Kwame Slusher



* This article was originally published in the
GRC Professonal: Financial Crime 2018 Edition.

by Eveline Estephan 

Modern society has been marked by the significant evolution of financial crime—arguably to the point where, these days, the risks are no longer predictable and barely even manageable. Consequently, we are now surrounded by and ...

By Kwame Slusher


Regulation


With the formulation of an industry body set to develop codes of conduct and take responsibility for the establishment of guidelines for education, expectation is high for financial adviser’s promises to improve the quality of advice clients.
 
Nicole Chew, Senior Lawyer for the Financial Adviser’s Team at ASIC, Sydney, spoke about ...

By Kwame Slusher




Regulation

Regulatory data is important to the Australian Securities and Investments Commission (ASIC), to market participants, and to the integrity of the market.

Daryl Harvey, part of the Market Supervision team at ASIC, spoke to Market Integrity Liaison meeting attendees about regulatory data and the role it plays in market supervision...

By Kwame Slusher