Reserve Bank confirms resilient financial system

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Financial Stability Review Reserve Bank Financial Stability Review: The Reserve Bank has handed down the latest review of the financial system. “The Australian financial system remains resilient and its ability to withstand adverse shocks continues to be strengthened.” Household borrowing risks ease: “Concerns about riskier types of new housing borrowing have eased… A key contributor to the abatement […]

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Brokers concerned about reputational damage from Royal Commission

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The vast majority of mortgage brokers are concerned about the public perception of their industry according to the results of the latest MyState Bank survey of its national broker network. More than 65% of brokers surveyed by MyState said they were seriously concerned (34.2%) or moderately concerned (31.6%) that the Royal Commission intoMisconduct in the […]

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ANZ agrees to enforceable undertaking with ASIC regarding Prime Access

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ANZ Last Friday confirmed it has entered into an enforceable undertaking with the Australian Securities and Investments Commission (ASIC) after completing a review of its Prime Access fee-for-service package of services. ANZ Group Executive Wealth Australia, Alexis George said: “We have apologised to those customers who did not receive an annual documented review, part of […]

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ASIC releases updated guidance on client money

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ASIC has released updated guidance for Australian financial services (AFS) licensees that hold client money for trading in over-the-counter (OTC) derivatives. The guidance coincides with the start of ASIC’s Client Money Reporting Rules 2017 (client money reporting rules) and other client money reforms on 4 April 2018 enacted under the Treasury Laws Amendment (2016 Measures No. 1) Act […]

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It’s time to pay up – AISC’s new funding system

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ASIC’s new fee and levy structure, introduced on 1 July 2017 means that users now pay for most of the regulator’s costs. As of June this year, you’ll need to start providing information to ASIC about your business so they can calculate your levy. Different payment methods and calculations will apply to each industry sector […]

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Statement from Brett Clark, TAL Group CEO & Managing Director regarding PJC Life Insurance Inquiry Report

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“We welcome the release of the report from the Parliamentary Joint Committee on Corporations and Financial Services’ (PJC) following its inquiry into the life insurance industry. TAL actively participated in this process, including sharing our views and outlining a range of steps we have already taken to make improvements in important areas for our customers, […]

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ANZ welcomes parliamentary report on life insurance industry

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ANZ yesterday welcomed the final report of the Parliamentary Joint Committee (PJC) Inquiry into the Life Insurance Industry. Commenting on the PJC report, ANZ Group Executive Wealth Alexis George said: “The committee has considered a range of issues in producing this important report. “While ANZ is considering the findings, we believe there are a number […]

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PJC Report highlights inadequate FSC APL standard

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Pressure is mounting on the Financial Services Council (FSC) to amend its grossly inadequate Life Insurance Approved Product List (APL) standard and require members to offer open APLs, following yesterday’s release of the Parliamentary Joint Committee’s (PJC) Report, according to diversified financial services company, ClearView. The PJC Life Insurance Report recommended “substantial reform to the […]

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ASIC releases market integrity report

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ASIC has released its latest report on market integrity for the period 1 July to 31 December 2017. Read Report 569 Market integrity report: July to December 2017 The report covers ASIC’s work to help ensure Australia’s financial markets operate fairly and efficiently. Key outcomes during the six-month period include:     The report looks at […]

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ASIC extends the transition period for superannuation and retirement calculators

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ASIC has extended, to 1 July 2019, the time that providers of retirement and superannuation calculators have to comply with the requirement that generic financial calculators must account for inflation. If a generic financial calculator makes an estimate of a future return or payment, it must adjust for inflation using an assumed rate of inflation […]

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