If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
ASIC boss James Shipton has signalled a shift to more vigorous enforcement and Treasurer Scott Morrison has bolstered the regulator’s funding to enable this.
Luis Ascui/AAP
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.
From the first hearings of the royal commission, the senior counsel assisting, Rowena Orr QC, laid bare the toxic culture behind many consumer lending practices.
Eddie Jim/AAP
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.
Carolyn Flanagan gave evidence at the third round of hearings of the banking royal commission.
Julian Smith/AAP
Evidence in front of the banking royal commission today is very similar to the case that sparked consumer protection laws more than 30 years ago.
Protestors call for an investigation into bank regulator APRA outside the Commonwealth Law Courts Building in Melbourne, location of the banking royal commission.
Luis Ascui/AAP
All eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations?
Former AMP CEO Craig Meller (left) and chairwoman Catherine Brenner.
AAP
Even when ASIC has been sufficiently resourced to pursue litigation, the Australian courts have contributed to an environment where contravening behaviour is a rewarding option.
Malcolm Turnbull defended refusing for so long to set up a royal commission.
Lukas Coch/AAP
It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
The Australian government was put on notice about its credit rating last year.
AAP/ Justin Lane
Robust credit ratings agencies are vital for the Australian economy, as the repercussions of their decisions are felt far and wide.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”.
Dan Himbrechts/AAP
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
Retail Food Group (RFG) Managing Director Andre Nell (right) and Chairman Colin Archer. The company has been the focus of the latest investigation into franchise problems.
Dan Peled/AAP
There are some hallmark problems within franchising in Australia and internationally and not all are within the franchisor’s or franchisees’ control to fix.
The federal government has announced a royal commission into banks and other financial services entities.
AAP
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
AAP