Customers have the most to gain out of a review of the powers of the Financial Services Ombudsman, which sits under ASIC.
Out of the many changes the federal government has made to ASIC, the review of the Financial Ombudsman will have the biggest impact on customers.
In announcing new money for the Australian Securities and Investments Commission, the Treasurer and the Minister responsible Kelly O’Dwyer executed a synchronised back flip with tuck, declaring that “The…
Scott Morrison told a joint news conference with Assistant Treasurer Kelly O'Dwyer that the banks would pay an additional $121 million to increase the resources of ASIC.
Scott Morrison has warned the banks not to pass on to customers the $120 million user-pays charge imposed on them to finance a strengthened Australian Securities and Investments Commission.
Was Scott Morrison right about the powers of ASIC?
After Labor proposed a royal commission into the banking industry, Treasurer Scott Morrison said the Australian Securities and Investments Commission (ASIC) has all the powers of a royal commission and more. Is that right?
Can culture be regulated?
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’.
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.
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.
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.
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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.
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’.
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.
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.
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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.
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.
Australian regulator ASIC has significant power to help it stamp out systemic fraud in the banking sector. Now they just need to use it.
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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.
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Jailing bankers for failing to uphold an ethical code is possible - it's simply a matter of enforcing current laws.