GOVERNMENTAL INVESTIGATIONS – AUSTRALIA

Ombudsman wary of tribunal

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 21 : 9-Sep-16

The Financial Ombudsman Service’s chief ombudsman Shane Tregillis has spoken against a proposal to set up a new banking tribunal. He believes that such a tribunal would make the dispute resolution system more adversarial and legalistic. Tregillis has suggested that the proposal should be examined by the independent panel led by Ian Ramsay which will conduct a review of the financial services sector’s dispute resolution and complaints system.

CORPORATES
FINANCIAL OMBUDSMAN SERVICE LIMITED, CREDIT AND INVESTMENTS OMBUDSMAN, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. SUPERANNUATION COMPLAINTS TRIBUNAL, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION

Labor kept at bay over banks

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 1-Sep-16

The Australian Government has announced an inquiry into the practices of small business lenders. The inquiry, to be led by Small Business Ombudsman Kate Carnell, will examine "the adequacy of the law" to deal with lending practices that may need tighter regulatory provisions. About 23 cases will be examined which were identified as problematic by the Parliamentary Joint Committee on Corporations & Financial Services.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BANK OF WESTERN AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CEC GROUP LIMITED – ASX CEG

Shorten to PM: rethink banks inquiry

roymorgansocial Leave a comment

Original article by Laura Tingle
The Australian Financial Review – Page: 4 : 15-Aug-16

Opposition Leader Bill Shorten has urged Prime Minister Malcolm Turnbull to support the Australian Labor Party’s proposal for a royal commission into the nation’s banks. Shorten has argued that a series of scandals in the financial services sector has significantly affected the finances of many people and undermined the public’s trust in banks. Meanwhile, Labor’s Sam Dastyari says the Opposition may have sufficient support in the Senate for a royal commission.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BROADCASTING CORPORATION

Fallout over meltdown tests Turnbull government

roymorgansocial Leave a comment

Original article by Laura Tingle
The Australian Financial Review – Page: 3 : 11-Aug-16

The causes and implications of the crash of the Australian Bureau of Statistics’ census website on 9 August 2016 will be investigated by the Australian Signals Directorate. Prime Minister Malcolm Turnbull has assured Australians that the crash did not compromise the security of census data. For Opposition Leader Bill Shorten, it was "the worst-run census in Australian history."

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN SIGNALS DIRECTORATE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, IBM AUSTRALIA LIMITED, REVOLUTION IT PTY LTD

PM pressed to broaden juvenile abuse inquiry

roymorgansocial Leave a comment

Original article by Amos Aikman
The Australian – Page: 1 & 6 : 27-Jul-16

Federal Attorney-General George Brandis says the royal commission into the juvenile justice system will focus on the Northern Territory, although some indigenous leaders argue that its scope should be nationwide. Meanwhile, Chief Minister Adam Giles has sacked the Northern Territory’s corrections minister in the wake of the "Four Corners" expose on the brutal practices used to restrain inmates at the Don Dale detention centre. There have also been demands for Giles to resign or for his government to be sacked by Prime Minister Malcolm Turnbull.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER, NORTHERN TERRITORY. DEPT OF JUSTICE, AUSTRALIAN HUMAN RIGHTS COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HEALTH, COUNTRY LIBERAL PARTY

News Corp in undisclosed $75m tax fight

roymorgansocial Leave a comment

Original article by Neil Chenoweth
The Australian Financial Review – Page: 3 : 20-Jul-16

News Corp Australia’s submission to a Senate inquiry into tax avoidance in February 2015 stated that the media group believed that it fully complied with Australia’s income tax laws. Just days later the Australian Taxation Office issued a tax assessment regarding some $A75m in undeclared income from fiscal 2010. News Corp subsequently lodged an objection to the tax assessment, one day after former CEO Julian Clarke appeared before the Senate inquiry. The media group has since lodged a Federal Court appeal against the tax assessment.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Bank inquiry could spook foreign lenders, says Argus

roymorgansocial Leave a comment

Original article by Anne Hyland
The Australian Financial Review – Page: 15 : 19-Apr-16

Don Argus, a former CEO of National Australia Bank, says there is no need for a royal commission into the Australian banking sector. He has accused the Australian Labor Party of politicising the issue of corporate culture in the banking sector and described its proposal for a royal commission as a "political witch hunt". In his view, the sector is already well regulated, and any further scrutiny of the sector could alienate foreign lenders.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Bank royal commission a drain on economy: Hirst

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 23 : 15-Apr-16

Bendigo & Adelaide Bank CEO Mike Hirst says there is no need for a royal commission into the banking industry. He told a strategy briefing in Sydney that a royal commission would be a waste of money as there is no evidence of systemic failure. He also said a royal commission would also have a negative impact on the economy. Hirst favours self-regulation, and he argues that the poor conduct of certain banking employees can be rectified by the banks themselves.

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA

PM offers extra money to watch banks

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 12-Apr-16

Federal Treasurer Scott Morrison has again stated that there is no need for a royal commission into banks. The Opposition claims that such a move is necessary and even some Coalition backbenchers share this view. Morrison said the banking system is already well regulated, although he expressed the willingness of the Government to provide the Australian Securities & Investments Commission with more resources if needed.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Takeaways from 7-Eleven wage fraud inquiry must stop the rot

roymorgansocial Leave a comment

Original article by Adele Ferguson
The Australian Financial Review – Page: 40 : 25-Jan-16

The wage exploitation scandal has embroiled a number of franchise-based companies, including 7-Eleven, United Petroleum, Subway, Pizza Hut and Baker’s Delight. With a Senate inquiry due to release its recommendations in February 2016, the Australian Government should action to address the issue prior to the federal election. A range of reforms are needed, including changes to industrial relations laws, ensuring that financial penalties for wage fraud are sufficient to deter the practice, and increasing the powers of the Fair Work Ombudsman.

CORPORATES
7-ELEVEN STORES PTY LTD, UNITED PETROLEUM PTY LTD, SUBWAY SANDWICHES PTY LTD, PIZZA HUT AUSTRALIA, BAKER’S DELIGHT HOLDINGS LIMITED, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, NANDO’S AUSTRALIA PTY LTD, EAGLE BOYS DIAL A PIZZA AUST PTY LTD, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIAN TAXATION OFFICE, MAI PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, FEDERAL CIRCUIT COURT OF AUSTRALIA