Under the pump financial regulators release a flurry of PR
APRA and ASIC have been very busy over the past two weeks, releasing a flurry of media releases.
After strong criticism at the hands of Commissioner Hayne APRA and ASIC have pumped out a series of press releases highlighting the work they are doing regulating the finance sector.
A few key highlights for Governance Institute readers:
APRA Chair Wayne Byres said the Panel’s report is comprehensive and ambitious in its views of APRA’s future remit and required capabilities, but also emphasises this should not be at the cost of APRA’s strong capabilities in financial safety and stability.
APRA has proposed creating a new prudential standard to better align remuneration frameworks with the long-term interests of entities and their stakeholders, including customers and shareholders.
ASIC alleges that between 26 July 2013 and 23 February 2016, ANZ unlawfully charged the fees on at least 1,340,087 occasions.
APRA has notified Macquarie Bank Limited, Rabobank Australia Limited and HSBC Bank Australia Limited that the reporting of their intra-group funding has been in breach of the prudential liquidity standard.
APRA Chair Wayne Byres said: “In the wake of both the Royal Commission and the more recent Capability Review, APRA is taking stock of how it can bring into effect a significant number of recommendations about how we must do more in new areas of risk, without compromising APRA’s primary focus on financial safety and stability.
Australia's five largest banking and financial services institutions have paid a total of $119.7 million in compensation as at 30 June 2019 to customers who suffered loss or detriment because of non-compliant advice given by financial advisers.