INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Google rejects check on search algorithms

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Original article by Paul Smith
The Australian Financial Review – Page: 19 & 22 : 29-Jan-19

The Australian Competition & Consumer Commission has previously proposed that an external regulator monitor the algorithms used by Google and Facebook. Both companies have expressed concerns about the proposal, with Google Australia and New Zealand Managing Director Mel Silva saying such a move could make its algorithms open to manipulation. The recommendation regarding algorithms was one of a number put forward by the ACCC following its review into digital platforms; Silva says its recommendation to establish a digital platforms ombudsman has merit.

CORPORATES
GOOGLE AUSTRALIA PTY LTD, FACEBOOK AUSTRALIA PTY LTD, UNLOCKD PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Overhaul to boost super by $3.8bn

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 10-Jan-19

The Productivity Commission’s final report on its review of the superannuation system will be released on 10 January. It doubles down on the recommendations of an interim report that was released in May. Amongst other things, the PC recommends sweeping changes to the default super regime, including allowing new employees to choose from a list of the 10 best-performing funds. The PC estimates that its recommendations would increase the nation’s retirement savings by about $3.8bn a year. The final report of the financial services royal commission is expected to adopt some of the PC’s recommendations.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION

Super watchdog failing to bite back

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Original article by Michael Roddan
The Australian – Page: 13 & 15 : 17-Dec-18

The Australian Prudential Regulation Authority’s proposed changes to the member outcomes test for superannuation funds’ trustees have been criticised by industry bodies. Australian Institute of Superannuation Trustees CEO Eva Scheerlinck says the revised standards should have given greater priority to net investment returns, noting that the purpose of the reforms was to address the issue of super funds that consistently underperform. A draft report from the Productivity Commission in June had advocated a much stricter outcomes test.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, AMP SUPERANNUATION LIMITED, NM SUPERANNUATION

Secret federal ICAC slammed

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 14-Dec-18

Labor leader Bill Shorten has criticised the federal government’s proposed national integrity commission, warning that the anti-corruption agency would lack transparency and it would have limited scope and powers. It would comprise a law-enforcement division and a public-sector division, but only the former will be authorised to conduct public hearings. Labor has been calling for an anti-corruption watchdog at federal level since early 2018; Prime Minister Scott Morrison has disclosed that the government has been working on its proposal since January, although it only recently dismissed the need for such an agency.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION

Facebook lashes algorithm watchdog oversight

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Original article by Max Mason
The Australian Financial Review – Page: 1 & 4 : 13-Dec-18

Social media giant Facebook has questioned the merits of the Australian Competition & Consumer Commission’s proposal for a new regulator to be given responsibility for monitoring digital platforms’ algorithms. Facebook’s Andy O’Connell says the proposal is unnecessary and unworkable, and he has rejected suggestions that the company lacks transparency regarding its algorithms. He adds that Facebook will continue to engage with the ACCC as the competition watchdog prepares to release the final report of its inquiry into digital platforms in mid-2019.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED

ACCC hits big banks, ports, tech

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Original article by James Frost
The Australian Financial Review – Page: 1 & 8 : 11-Dec-18

The Australian Competition & Consumer Commission has concluded that the nation’s four major banks engaged in "synchronised pricing" with regard to increases in interest-only home loan interest rates in June 2017. The big four banks raised their interest rates following the Australian Prudential Regulation Authority’s decision in mid-March to cap interest-only loans at 30 per cent of all new loans from the September quarter. The ACCC estimates that the rate rises boosted the banks’ profits by around $1.1bn.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. PRODUCTIVITY COMMISSION, RESERVE BANK OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Rules risk entrenching giants

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Original article by Michael Bailey
The Australian Financial Review – Page: 9 : 11-Dec-18

LegalVision’s James Adler has questioned the merits of the ACCC’s proposal for an "opt-in" regime for the collection and use of customers’ personal data by digital platforms. Adler warns that the proposal would adversely affect many local digital start-ups while increasing the competitive advantage of established players such as Google and Facebook.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, LEGALVISION PTY LTD, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Facebook and Google face clamp on customer data

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Original article by Lilly Vitorovich
The Australian – Page: 1 & 6 : 11-Dec-18

The Australian Competition & Consumer Commission has concluded that Google and Facebook have substantial market power. The 378-page preliminary report of its inquiry into digital platforms has made 11 recommend­ations aimed at making digital players more accountable with regard to their use of customers’ data and how their algorithms work. Amongst other things, the ACCC has noted that the digital giants have contributed to declining investment in local news and journalism.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY

Tech titans face crackdown

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Original article by Sarah-Jane Tasker
The Australian – Page: 1 & 2 : 10-Dec-18

The preliminary report of the Australian Competition & Consumer Commission’s review of digital giants’ impact on the media and advertising markets will be released on 10 December. Amongst other things, the report raises concerns about the lack of transparency regarding the algorithms used by digital companies and whether such companies have engaged in "discriminatory conduct". The ACCC may also recommend establishing a regulatory auth­ority that would have the power to investigate digital companies over such conduct.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, ALPHABET INCORPORATED, YOUTUBE INCORPORATED, INSTAGRAM LLC, WHATSAPP INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, WORLD FEDERATION OF ADVERTISERS

Banks receive the most gripes at new complaints authority

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Original article by Elouise Fowler
The Australian Financial Review – Page: 18 : 6-Dec-18

The Australian Financial Complaints Authority has received some 6,522 complaints from consumers and small business owners since it was established on 1 November. Banks were the source of 2,367 complaints during AFCA’s first month of operation, ahead of insurers with 1,159 complaints. AFCA replaced the Financial Ombudsman Service, the Credit & Investment Ombudsman and the Superannuation Complaints Tribunal.

CORPORATES
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY, FINANCIAL OMBUDSMAN SERVICE LIMITED, CREDIT AND INVESTMENT OMBUDSMAN, AUSTRALIA. SUPERANNUATION COMPLAINTS TRIBUNAL