It was one of only two recommendations the government rejected.
Independent MP Helen Haines's bill will likely not pass without the government's support, but it proposes a robust body with suitable accountability mechanisms. It's worth serious consideration.
If anything, the standards are becoming easier, rather than harder, to apply.
It'll be up to the borrower, not the lender to determine whether what's offered is suitable under changes to be detailed in the budget.
ASIC is passing up opportunities to prosecute, all the more so in this 'very different economic environment'.
AMP's handling of sexual harassment charges shows its culture is still rotten.
The Reserve Bank has scheduled an announcement for Thursday. The government will unveil a second coronavirus stimulus package within days.
Westpac's 154 page financial statement will be a challenge for shareholders attending Thursday's annual general meeting. In the early 2000s, it was only 35 pages.
The government has agreed to create an independently-chaired body to report on the performance of ASIC and APRA, but it hasn't said its reports will be made public.
The odds of winning are no better than even, and the costs of losing are enormous. We ought to limit forex to traders who can demonstrate their expertise.
Suddenly, ASIC is about to have real power. It'll be easier to get prosecutions and they will hurt, even if the law remains less than completely clear.
There are better ways to teach financial literacy than through school banking schemes.
ASIC is under pressure to take every significant case to court. But that would delay justice and break its budget.
Negotiated deals between ASIC and alleged wrongdoers leave us in doubt as to the reach of the law.
Compare the ACCC to ASIC and it's clear why
Rod Sims has been reappointed to a record third term as Australia's top competition and consumer cop.
Getting better behaved banks isn't difficult. Here are three places to start.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
Putting regulators inside corporations isn't new, and the US experience highlights risks of regulatory capture, but the move could make a difference if ASIC is shifting to more robust enforcement.
Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn't fix the culture that sacrifices customers' interests to the pursuit of profits.