policy

Policy & Regulation

The new Banking Code of Practice should be adopted across the entire industry, including credit unions, building societies and other lenders, according to the Australian ...

Policy & Regulation

Westpac admits fault, agrees to $35 mil penalty

Westpac has admitted breaching its responsible lending obligations when providing home loans, and agreed to a $35 million civil penalty to resolve Federal Court proceedin...

Policy & Regulation

Has ASIC lost its regulatory authority?

The Royal Commission has been asked to consider whether, by dealing with banks and financial services institutions via press releases and enforceable undertakings rather ...

Policy & Regulation

ASIC calls on businesses to fulfil funding obligations

The regulator has called on businesses to submit some operational information before 27 September 2018 as part of industry funding arrangements introduced last year....

Policy & Regulation

RC questions whether ASIC used its powers

The Royal Commission has acknowledged that the Australian Securities and Investments Commission wants more powers but has questioned whether it has ever used all the powe...

Policy & Regulation

DomaCom judgment represents “milestone” for SMSFs

The Full Federal Court has handed down its judgment in the appeal by Aussiegolfa Pty Ltd, finding there was no breach of the sole purpose test. ...

Policy & Regulation

ASIC approves ABA Code of Practice

ASIC has approved the Australian Banking Association’s new Banking Code of Practice following an independent review and stakeholder consideration....

Financial planning

Planners face tough distribution rules

The latest draft of the Government’s new legislation covering financial product design and distribution rules have confirmed the heavy obligations which will be carried b...

Policy & Regulation

Phoenix Hotline will oust dodgy directors

The Government has established a Phoenix Hotline to combat the phoenixing activity of dishonest directors and their companies. ...

Policy & Regulation

Planner pleads guilty to vote-rigging

Wodonga financial planner Neil John Evans pleads guilty to vote-rigging in the director elections for WAW Credit Union Co-Operative....

Policy & Regulation

Gonski launches 30% Club’s push for diversity

David Gonski will today launch the 30% Club’s 30% Surge for Diversity campaign, aimed at building on momentum to achieve 30 per cent female representation on ASX 200 boar...

Policy & Regulation

Govt attacks ALP’s imputation move

The Minster for Revenue and Financial Services claims 40 per cent of SMSFs will be hit by the Federal Opposition’s proposed changes to dividend imputation....

Policy & Regulation

APRA cautious on FSC lobbying

The Australian Prudential Regulation Authority has signalled its caution with respect to Financial Services Council lobbying for insurers to be allowed to mortgage the as...

Policy & Regulation

Govt navigates AFCA bill through Senate

The Australian Financial Complaints Authority will come into being next year following the passage of the necessary legislation through the Senate with minor amendments....