New credit card rules affect all lenders and brokers

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This is the first post in a two part series on the new responsible lending rules for credit cards. Tighter new rules mean that credit card providers must assess credit card applications more strictly. While not mandatory, other lenders and brokers should apply the same rules to their loan applications. What has changed? In the […]

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ASIC Chair issues ‘fairness challenge’ at Annual Forum

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The 24th ASIC Annual Forum in Sydney on 16-17 May 2019 saw more than 950 delegates attend 13 sessions on how financial market participants can meet community expectations when dealing with other people’s money. In his introductory comments, ASIC Chair James Shipton said the theme of this year’s forum, ‘Other people’s money’, was to remind […]

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Doing the right thing by your customers: ASIC consults on lifting standards and transparency of complaints handling

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ASIC has initiated public consultation on new standards about how financial firms handle consumer and small business complaints. The proposed standards, which include new mandatory data reporting, will improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. Financial firms will be required by ASIC […]

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Beleaguered wealth managers told to ‘think differently’ about leadership structures

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Wealth managers and financial services organisations – such as ANZ, IOOF and NAB – that are working their way through the implications of the Royal Commission were told to start thinking differently regarding their leadership structures.  IOOF, which is seeking a new CEO, revealed just this week that it will require the approval of the […]

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Industry funding reminder for financial services licensees

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ASIC has reminded Australian financial services and Australian credit licensees who have industry funding obligations to factor in the time it may take ASIC to assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year. ASIC Commissioner […]

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ASIC announces problem-solving regtech events for financial services industry

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ASIC has launched three regulatory technology (regtech) events in conjunction with industry and other stakeholders to promote regtech adoption among Australian financial services organisations. These events are an opportunity for regtech startups, scaleups and financial services organisations’ in‑house development teams to demonstrate how their solutions can: Monitor, identify and analyse financial advertising promotions to determine […]

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Significant opportunity to professionalise financial advice in the post-Hayne era say CFA Societies Australia and CFA Institute

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CFA Societies Australia and CFA Institute today released policy recommendations in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia. The report, entitled “Professionalising Financial Advice”, was developed following extensive consultation with CFA Societies Australia Advocacy Council and other investment management industry leaders in collaboration with the […]

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Regulators urge financial institutions to plan for LIBOR transition

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The Australian Securities and Investments Commission (ASIC) has written to the CEOs of several major Australian financial institutions regarding their preparations for the end of LIBOR. This initiative is strongly supported by the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA). LIBOR (London Interbank Offered Rate) is deeply embedded in financial […]

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Royal Commission Response: Enforceable codes

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This note discusses the Hayne Royal Commission recommendations 4.9 and 4.10 that the law should be amended: to provide for enforceable provisions of industry codes for the establishment and imposition of mandatory industry codes to empower the Code Governance Committee to impose sanctions for breaches of the Code. With respect to GI, Hayne recommended that […]

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SuperFriend responds to the Government’s Productivity Commission inquiry into mental health

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SuperFriend, the workplace mental health and wellbeing partner for the superannuation and insurance industry, has responded on behalf of its Partners to the Productivity Commission’s inquiry into mental health. The inquiry was announced in November 2018 by the Australian Government and calls for submissions that extend beyond the health system’s role in addressing mental health – […]

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