The High Court dismissed a class action appeal by ANZ customers over late credit card payment fees.
Big banks to be called before the House of Representatives Standing Committee on Economics annually to explain funding issues, ensuring the banks will be regularly and permanently accountable to the Committee.
The Governance Institute released the results of a survey, which indicate that large corporations, the banking, finance and insurance sectors and government have significantly negative ethics ratings.
High Court dismissed the appeal of customers who brought a class action against ANZ over credit card late payment fees, with the majority of the Court agreeing with ANZ's claim that the costs to banks of late payments include making provisions for soured loans, for holding regulatory capital, debt collection costs, as well as finding that late payment fees did not amount to unconscionable conduct, unjust transactions, unfair contract terms or penalties: > read more
CHOICE and Consumer Action Law Centre responded with a campaign for law reform from the Turnbull Government, fearing that this outcome could lead banks to increase fees: > read more
ASIC released a consultation paper about its proposals to provide guidance to responsible entities in the managed funds sector regarding ASIC's expectations for compliance with their obligation to maintain adequate risk management systems under s912(A(1)(h) of the Corporations Act: > read more
IFA reported that a couple in NZ are suing ANZ and its subsidiary OnePath on the grounds of racial discrimination, in relation to the definition of permanent resident in OnePath's life insurance policy: > read more
ASIC is going through a period of intense enforcement activity, banning five individuals over the past fortnight for misconduct including fraud: > read more
Governance Institute of Australia conducted a survey for its inaugural Ethics Index, which found that Australians view big businesses, banks and politicians as unethical: > read more
ASIC Chairman Greg Medcraft spoke about culture, values and ethics at the launch of the Ethics Index: > read more
ASIC Chairman Greg Medcraft spoke about trust and confidence and how ASIC is working on building it across Australia's equity, debt and derivatives markets, including using cyber resilience, listing standards and new technology: > read more
Prime Minister and Treasurer announced that the major banks would be required to appear annually before the Standing Committee on Economics to explain factors that would impact the cost of funds, how they are responding to regulatory issues and to provide their perspective on the performance of the Australian economy, including strengths and risks.
FCA emphasised that getting culture and conduct right is central to the role of the regulator: > read more
FCA announced the next steps in its remediation program to ensure UK FX firms address root causes of failings and drive up standards across the market: > read more
Lloyds Banking Group will eliminate an additional 3,000 jobs and a further £400M of annual expenses, as the UK's largest mortgage lender attempts to stave off a Brexit-induced earnings slump: > read more
FCA published its second consultation paper on the Markets in Financial Instruments Directive II implementation, which will introduce wide-ranging measures designed to improve investor protection and promote market integrity, in relation to the regulatory framework introduced in 2007 for the buying, selling and organised trading of shares, bonds, units in collective investment schemes and derivatives across the EU: > read more
FCA published its findings of a credit card market study and set out a package of measures to help consumers take better control of their spending: > read more
FCA found shortcomings in the control and oversight of appointed representatives by their principal firms in the general insurance sector: > read more
FCA seeks a clearer mission, according to its new chief executive: > read more
Consumer Financial Protection Bureau released a fifth birthday retrospective giving an overview of its action in the realms of rulemaking, supervision and enforcement: > read more
US Regulators (FRB, FDIC, FHFA, NCUA, OCC and SEC) proposed a joint rule to regulate incentive-based compensation paid to senior executives by banks, investment advisers, broker-dealers and credit unions with over $1 billion in assets: > read more
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