SECURITIES COMMISSIONS – AUSTRALIA

Big four in fees probe

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Original article by Ben Butler
The Australian – Page: 17 & 20 : 17-Oct-18

The four major banks will be a key focus of the Australian Securities & Investments Commission’s investigation into breaches of financial planning fee disclosure requirements under the Future of Financial Advice reforms. It is uncertain as to whether wealth manager AMP will also come under scrutiny by ASIC, which recently advised that it had received a "substantial" number of breach notices from various industry players.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, COUNT FINANCIAL LIMITED, COMMINSURE, RI ADVICE GROUP PTY LTD, MILLENNIUM 3 PTY LTD, IOOF HOLDINGS LIMITED – ASX IFL, ANZ FINANCIAL PLANNING

Banking code of conduct needs more bite

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Original article by James Eyers
The Australian Financial Review – Page: 16 : 2-Oct-18

The banking royal commission’s interim report urged the Australian Securities & Investments Commission to be aggressive in enforcing the Banking Code of Conduct. Australian Small Business & Family Enterprise Ombudsman Kate Carnell has backed the commission’s call for ASIC to be more proactive in enforcing the Banking Code of Conduct, while she has suggested that many small businesses will be disappointed by the commission’s interim report.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, BANKWEST, AUSTRALIAN BANKERS’ ASSOCIATION

ASIC blasts banks over breaches

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Original article by James Frost, Misa Han
The Australian Financial Review – Page: 1 & 2 : 26-Sep-18

A report from the Australian Securities and Investments Commission has criticised the length of time banks take to provide customers with a refund for misconduct. ASIC found that on average it takes banks more than five years to repay customers, while they also take an inappropriate amount of time to investigate and report breaches to the corporate regulator. ASIC has proposed much harsher civil and criminal penalties for misconduct in the financial services industry.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ, CREDIT UNION AUSTRALIA LIMITED, GREATER BANK LIMITED, HERITAGE BANK LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL

Watchdog acts to rein in initial coin offerings

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Original article by Samantha Bailey
The Australian – Page: 26 : 21-Sep-18

The Australian Securities & Investments Commission has the burgeoning cryptocurrencies industry in its sights, revealing a crackdown on so-called initial coin offerings. ASIC has blocked the issuance of cryptocurrency tokens by several companies, due to concerns that their ICO product disclosure statements contained misleading or deceptive information. The corporate regulator notes that ICOs are highly speculative and the sector is largely unregulated.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NEW DAWN FUND, INVESTORS EXCHANGE LIMITED

Costello slams ASIC for banks’ appalling acts

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Original article by Joanna Mather, Jonathan Shapiro
The Australian Financial Review – Page: 11 : 30-Aug-18

Future Fund chairman Peter Costello says the banking royal commission should look into the failings of the Australian Securities & Investments Commission in responding to misconduct in the financial services sector. The former federal treasurer argues that while the misconduct of banks has been appalling, ASIC bears some responsibility for allowing it to occur. Costello forecasts that the royal commission will result in lower profits in the banking sector, while financial advice will cost more and it will become harder to obtain credit.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC

ASIC warns CBA on reverse mortgages

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Original article by James Eyers
The Australian Financial Review – Page: 19 : 29-Aug-18

Lending standards in the reverse mortgage sector have come under scrutiny by the Australian Securities & Investments Commission, which has expressed concern that some lenders have adopted a "tick the box" approach to approving such loans. The Commonwealth Bank and its Bankwest subsidiary are the leading providers of reverse mortgages, which tend to be popular with older people. Demand for such products is expected to increase due to Australia’s ageing population.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANKWEST, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, HEARTLAND SENIORS FINANCE, AUSTRALIA. PRODUCTIVITY COMMISSION

NAB withheld size of fee scandal from ASIC for 11 months

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Original article by Joanna Mather
The Australian Financial Review – Page: 2 : 22-Aug-18

Australian financial services providers could be forced to repay clients more than $1bn over the fee-for-no-service scandal. The Australian Securities & Investments Commission’s deputy chairman Peter Kell has told the banking royal commission that just $260m has been refunded to date. Meanwhile, National Australia Bank informed ASIC in early November 2016 that clients affected by the scandal were owed $34.6m, but ASIC contends that NAB was aware of the extent of these liabilities some 11 months earlier. ASIC’s first report on the scandal had estimated that NAB owed just $12m.

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

NAB’s board met ASIC days before Hayne hit

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Original article by Pamela Williams
The Australian – Page: 17 & 20 : 17-Aug-18

Senior National Australia Bank executives held a meeting with Australian Securities & Investments Commission officials at the bank’s headquarters on 30 July. NAB executives subsequently fronted the banking royal commission in early August, after featuring prominently in its previous hearings. An NAB spokesman has indicated that the meeting with ASIC had been organised in late 2017 and such meetings are held regularly. Documents released by the inquiry on 15 August show that ASIC has accused NAB of a range of civil and criminal offences in relation to the "fee for no service" scandal.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

NAB fee grab slammed by the watchdog

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Original article by Ben Butler
The Australian – Page: 17 & 22 : 16-Aug-18

Documents released by the banking royal commission show that the Australian Securities & Investments Commission has criticised National Australia Bank over its lack of action in addressing the fee-for-no-service scandal. ASIC wrote to NAB in May to express its dissatisfaction with the bank’s proposed remedial action, stating that it did not constitute an "acceptable resolution" to the regulator’s concerns. ASIC has accused NAB of a range of civil and criminal offences.

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

NAB hid compo from ASIC

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 17 & 21 : 14-Aug-18

National Australia Bank’s Andrew Hagger has denied allegations that it withheld information on compensation payments from the Australian Securities & Investments Commission. He told the banking royal commission that he had been "open and transparent" with ASIC commissioner Greg Tanzer in a telephone conversation on 24 October 2016, several hours after NAB’s wealth unit passed a resolution to increase compensation over its plan service fee. NAB released its financial results three days later, the same day on which ASIC released a report on the fees-for-no-service scandal.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NATIONAL WEALTH MANAGEMENT SERVICES LIMITED, NULIS NOMINEES AUSTRALIA LIMITED