ASIC slams banks and financial institutions for creating ‘trust deficit’

ASIC slams banks and financial institutions for creating ‘trust deficit’

Updated May 17, 2018 12:00:21 ASIC chairman James Shipton has slammed banks for creating “a trust deficit” after widespread unethical and unlawful conduct revealed at the financial services royal commission. In one of his first public speeches since being appointed, Mr Shipton said the royal commission highlighted the “totally unacceptable …

Peter Costello changes his mind about the budget, criticises ASIC

Peter Costello changes his mind about the budget, criticises ASIC

Posted May 14, 2018 18:55:41 Photo: Peter Costello gives his approval for the budget, despite his criticism last week that the deficit won’t be paid off in his lifetime. (ABC ) Former treasurer Peter Costello has given the seal of approval for the Turnbull Government’s budget — despite savaging it …

Car buyers still at risk of excessive interest rates, ahead of ASIC ban on dealer ‘flex commissions’

Car buyers still at risk of excessive interest rates, ahead of ASIC ban on dealer ‘flex commissions’

Updated May 14, 2018 16:22:23 Would-be car buyers remain vulnerable to being hit with high interest rates on loans, despite new regulations designed to limit gouging by banks and dealers. Corporate regulator ASIC has found a widespread structure known as “flex commissions” leads to customers being hit with very high …

Budget 2018: Funding reduced at corporate regulator ASIC amid banking royal commission revelations

Budget 2018: Funding reduced at corporate regulator ASIC amid banking royal commission revelations

Posted May 10, 2018 16:48:35 Funding is being cut at Australia’s corporate regulator and staffing levels will be reduced, according to figures in Tuesday’s federal budget. Key points: ASIC will lose $28 million in Government funding over next three years Average staffing levels will drop by 2 per cent — …

Commonwealth Bank and ASIC to settle interest rate-rigging case

Commonwealth Bank and ASIC to settle interest rate-rigging case

Updated May 09, 2018 09:58:04 Photo: As part of the in-principle settlement, CBA will admit that it engaged in unconscionable conduct. (ABC News: Nic MacBean, file photo) Commonwealth Bank has agreed to pay $25 million to settle an interest rate rigging case brought by ASIC. As part of the in-principle …

AMP furiously rejects royal commission findings, argues matters should be dealt with by ASIC

AMP furiously rejects royal commission findings, argues matters should be dealt with by ASIC

Updated May 04, 2018 11:56:25 Big wealth adviser AMP has hit back at the banking royal commission, strenuously denying it has committed any criminal offence and arguing its failings should be dealt with by ASIC, not the commission. AMP’s rebuttal of the commission’s actions and line of inquiry by counsel …

APRA and ASIC have the legal power to sack bank heads, but they need willpower

APRA and ASIC have the legal power to sack bank heads, but they need willpower

Updated May 01, 2018 17:25:02 Photo: Former AMP chief executive Craig Meller and chair Catherine Brenner at the company’s annual general meeting last year. (AAP: David Moir) The chairwoman and boss of AMP have resigned after the company admitted to charging for advice never provided and lying to clients and …

ASIC takes years to ban advisers guilty of misconduct and unlikely to launch civil or criminal actions

ASIC takes years to ban advisers guilty of misconduct and unlikely to launch civil or criminal actions

Updated April 27, 2018 12:08:20 Related Story: Banking royal commission grills financial planners, exposes Westpac lending standards Related Story: Financial advice firm impersonated client, royal commission hears ASIC has conceded it can take years to ban an adviser guilty of misconduct, and relies on negotiation with financial planning licensees to …

Regulator ASIC has a ‘culture of subservience to the big banks’, says former employee

Regulator ASIC has a ‘culture of subservience to the big banks’, says former employee

Posted April 25, 2018 12:19:02 ASIC has a culture of subservience and acquiescence when it comes to the big banks, says a former lawyer for the corporate watchdog. James Wheeldon worked for ASIC as a junior lawyer for just under a year between 2004 and 2005, and said many of …

AMP facing threat of several shareholder class actions for misleading ASIC over ‘fee for no service’ scandal

AMP facing threat of several shareholder class actions for misleading ASIC over ‘fee for no service’ scandal

Updated April 23, 2018 19:20:12 Video: AMP says ‘it’s not acceptable’ that clients not yet told they received inappropriate advice. (ABC News) Related Story: AMP chair has ‘serious questions to answer’ amid royal commission Related Story: ‘It’s not acceptable’: AMP apologises for compensation delays Wealth management giant AMP could face …