Regulation

Government moves on industry code enforceability

The government has begun the thorny task of introducing greater enforceability into financial sector industry codes of practice, while trying to retain their voluntary and self-regulatory character. Treasury has issued a consultation paper, Enforceability of Financial Services Industry Codes, asking…

Frydenberg backtracks on mortgage broker commissions

Treasurer Josh Frydenberg announced yesterday that the Government would not proceed with its plan to prohibit trail commissions on broker mortgage sales and has deferred any decision on the controversial issue for three years. The Hayne Royal Commission recommended that…

ASIC losing patience over fee for no service reviews

The Australian Securities and Investments Commission (ASIC) has called out the major banks and other large financial institutions for taking too long to complete a further review of fees for no service and has threatened enforcement action in at least…

Claims handling reform will create licensing uncertainty

Insurance companies will need to consider varying their Australian Finance Services licences if the Government’s plan to change the regulatory treatment of claims handling goes ahead. Treasury issued a consultation paper last week, in response to a Royal Commission recommendation…