Shipton likely to follow Crennan in ASIC exit ‘by year’s end’

Original article by Richard Gluyas
The Australian – Page: 13 & 17 : 27-Oct-20

The Australian Securities & Investments Commission’s deputy chairman Daniel Crennan maintains that he had received advice that his expense claims had been line with the corporate regulator’s policy. Crennan formally resigned on 26 October in the wake of the expenses scandal that has embroiled himself and chairman James Shipton; Crennan indicated that he had intended to retire from ASIC in mid-2021 anyway. Meanwhile, former Australian Competition & Consumer Commission chairman Allan Fels expects Shipton to resign before the end of 2020. Fels says ASIC has had a "very poor record over many years".

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

ASIC overhaul as chair faces exit

Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 26-Oct-20

An independent review into the expenses of Australian Securities & Investments Commission chairman James Shipton is expected to be completed before the end of 2020. Shipton has stepped aside pending the outcome of the review, but sources have suggested that he is unlikely to remain in the role. ASIC’s acting chair Karen Chester is tipped to succeed Shipton, who has agreed to repay the expenses he incurred in relocating from the US to Australia. ASIC’s deputy chair Daniel Crennan will also repay expenses associated with moving from Melbourne to Sydney.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Regulator won’t appeal wagyu and shiraz case

Original article by John Kehoe
The Australian Financial Review – Page: 3 : 22-Jul-20

The Australian Securities & Investments Commission has ruled out an appeal against Westpac’s court win over allegations that it breached responsible lending laws. The full Federal Court recently upheld an August 2019 ruling in Westpac’s favour, and ASIC is believed to have decided that it will not take the matter to the High Court. ASIC will instead urge the federal government to make changes to credit laws in order to clarify the responsible lending rules.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA

Banks get a break on customer obligations

Original article by Richard Gluyas
The Australian – Page: 16 : 26-Jun-20

The Banking Code of Practice, which was approved by the Australian Securities & Investments Commission in December, aims to implement recommendations of the Hayne royal commission. However, ASIC has announced that it has given banks a temporary reprieve from some of the code’s provisions. ASIC has stated that the impact of COVID-19 should be taken into account when considering if a bank has met its commitment to engage ethically and fairly with small business clients; ASIC also noted that banks may not always be able to meet timelines in the code for customer communication.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Watchdog backs delay of Hayne banking reforms

Original article by Eli Greenblat
The Australian – Page: 16 : 29-May-20

Some of the recommendations arising from the Hayne royal commission were slated to be implemented in July. Australian Securities & Investments Commission chairman James Shipton has expressed support for the federal government’s decision to delay these reforms until the end of 2020, given the impact of the coronavirus pandemic on banks and the domestic economy. Shipton has also told a Senate committee that ASIC is watching out for fraudulent activity such as phoenix companies and attempts to scam people out of their superannuation savings via the early access scheme.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Regulator confident plans are in place

Original article by Michael Roddan
The Weekend Australian – Page: 26 : 29-Feb-20

The Australian Securities & Investments Commission is working with the Australian Financial Markets Association and large institutions to ensure that the coronavirus outbreak does not stop financial markets from remaining open. ASIC chairman James Shipton notes that it has a pandemic response plan in place, while ASIC’s executive director of markets Greg Yanco says the economic impact of the virus is uncertain. Shipton says ASIC has set up an internal working group to monitor the potential threat that the coronavirus poses and to work with other regulators.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED

When it comes to compensation payouts, NAB’s $204m leads the pack

Original article by Richard Gluyas
The Australian – Page: 19 : 12-Feb-20

Data from the Australian Securities & Investments Commission shows that National Australia Bank customers have now received $203.8m in compensation for poor financial advice and services that were not provided. The Commonwealth Bank in turn has paid out $174.2m, ahead of AMP ($167.2m), Westpac ($106.4m), the ANZ Bank ($95.6m) and Macquarie Group ($2.6m).

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE GROUP LIMITED – ASX MQG

ASIC next in line to be climate cop

Original article by Michael Roddan
The Australian – Page: 1 & 4 : 24-Dec-19

The Australian Securities & Investments Commission will begin to legally enforce a requirement that listed companies must inform their shareholders and customers of any material risks from climate change. ASIC has not yet used this enforcement power under the Corporations Act 2001, but it intends to do so in 2020. Woolworths and Treasury Wine Estates are among the companies that have warned of the potential impact of climate change in their financial reports.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WOOLWORTHS GROUP LIMITED – ASX WOW, TREASURY WINE ESTATES LIMITED – ASX TWE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CITIGROUP PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA

Bank stalled as ASIC demanded refunds

Original article by Michael Roddan
The Australian – Page: 13 & 14 : 19-Dec-19

Court documents filed by the Australian Securities & Investments Commission show that National Australia Bank’s internal auditors had raised concerns about charging fees for services that were not provided in April 2016. NAB subsequently made a public admission about the practice, but ASIC executive Louise Macaulay told NAB in November 2017 that its customer remediation program was out of step with rival banks. ASIC subsequently rejected a number of proposed models for compensating NAB customers, while the bank continued to charge ongoing fees until February 2019.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

NAB to face legal pain over fee rort

Original article by Michael Roddan
The Australian – Page: 13 & 14 : 18-Dec-19

National Australia Bank’s annual general meeting on 18 December will be overshadowed by allegations that it engaged in unconscionable conduct. The Australian Securities & Investments Commission has filed a statement of claim in which it outlines some 8,700 instances in which NAB is alleged to have charged fees for services that were not provided between December 2013 and February 2019. Amongst other things, ASIC also alleges that NAB failed to issue adequate product disclosure statements. NAB has indicated that it has already paid $37.8m in compensation to customers who were affected by the fee-for-no-service scandal.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP