Can culture be regulated?
AAP/Dean Lewins
There are limitations to the narrative that more regulation can help tackle toxic bank culture.
ASIC chairman Greg Medcraft says the regulator ‘can’t look over everyone’s shoulder’.
Dan Himbrechts/AAP
Banks have had notice of these issues and failed to resolve them - it seems only fair that they should have to pay.
Bill Shorten’s recent performances have displayed a note of confidence.
Glenn Hunt/AAP
Next week Malcolm Turnbull will briefly take one foot off the domestic treadmill for his first visit to China as prime minister, going to Shanghai as well as Beijing.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday.
Dean Lewins/AAP
Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
Access to small loans is getting easier, but not everyone is resilient enough to manage their finances.
Image sourced from shutterstock.com
The payday lending sector is under scrutiny again after the Australian Securities and Investment Commission’s investigation into Nimble. After failing to meet responsible lending obligations, Nimble must…
Former ANZ chief Mike Smith remains as a ‘non-executive advisor’ to the bank’s board.
Sam Cardwell/AAP
Unethical behaviour by bankers represents a systematic risk to banks, and causes widespread harm.
ASIC Chairman Greg Medcraft and Commissioner Cathie Armour during a Senate Estimates hearing at Parliament House. Medcraft told the hearing ASIC must be a ‘model litigant’.
Mick Tsikas/AAP
ASIC has a high success rate, but its high-profile civil action against ANZ Bank will be a tough battle to win.
Commonwealth Bank CEO Ian Narev and CFO David Craig have a new risk problem on their hands.
Dan Himbrechts/AAP
If ASIC gets its way and ‘conduct risk’ is regulated, banks might get serious about systematic problems.
Almost three years after the hares were set running on the Bank Bill Swap Reference Rate (BBSW) scandal by the US regulator the Commodities Futures Trading Commission (CTFC), ASIC has finally taken out…
Never one to let a bandwagon pass by, Greg Medcraft, the Chairman of the Australian Securities and Investments Commission (ASIC), has enthusiastically hopped onto the Blockchain wagon. Mr Medcraft has…
Class actions are often expensive and long-running.
Image sourced from www.shutterstock.com
Mass redress systems, rather than class actions, may be the least costly and most effective way to deliver compensation to large groups.
Assistant Treasurer Josh Frydenberg has released a discussion paper on making ASIC user-pays.
AAP/Mick Tsikas
Both ASIC and the finance department want a user-pays model, but costs - borne by business - will rise.
ASIC Chairman Greg Medcraft says banks are adopting an ‘overly legalistic ’ approach.
Mick Tsikas/AAP
Australian regulator ASIC has significant power to help it stamp out systemic fraud in the banking sector. Now they just need to use it.
Image sourced from Shutterstock.com
Start-ups have always found it hard to navigate compliance requirements, but this time regulators are listening.
Both the ASX and ASIC were aware BBY was struggling before its collapse but allowed it to continue trading.
AAP/ Joel Carrett
As investors and unsecured creditors remain in limbo over the collapse of financial services group BBY, where were the regulators?
Only one banker has been forced to serve prison time as a result of the global financial crisis.
Image sourced from Shutterstock.com
Jailing bankers for failing to uphold an ethical code is possible - it’s simply a matter of enforcing current laws.
ASIC Chairman Greg Medcraft wants to be able to charge banks that enable damaging corporate culture.
Dan Himbrechts/AAP
Recent regulator outrage about the state of banking culture overlooks the fact regulators often look the other way.
The superheated Sydney housing market has regulators, and the Reserve Bank, worried.
Joel Carrett/AAP
With rates on the way down the problem of runaway property investing has been left to the regulator APRA. But regulators should not be used as agents of short-term government policy.
Who’s watching Australia’s financial regulators?
Cobalt123/Flickr
The clear case of regulatory capture in Australia’s financial system is grounds for a new oversight body.
Regulators like ASIC are turning to metadata to help make their cases against white collar criminals.
Image sourced from Shutterstock.com
Businesses as well as individuals could soon see their metadata retained, making the data storage points even more attractive to criminals.