Author: Helen Juillerat

Implementing the Recommendations of the Financial Services Royal Commission

Previously…. a Range of Inquiries and Reviews Prior to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) other inquiries into the financial system have highlighted serious issues and driven reforms that have significant implications for companies, including financial services entities. The Royal Commission commented on the recommendations made by some of those inquiries. Previous reviews and inquiries include: the Ramsay Review into the financial system’s external dispute resolution and complaints framework In response to the Ramsay Review, the Australian Financial Complaints Authority (AFCA) was established and commenced operation from 1 November 2018....

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Oversight and Management of Non-Financial Risks

The Serious Consequences of not Managing Non-Financial Risks The ASIC Chair’s Foreword to the Taskforce’s Director and officer oversight of non-financial risk report (NFR Report) includes a reminder to readers that the Taskforce was established with special funding from the Government following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission). Mr Shipton observes that we have seen the damage that can result when priority is not given to the oversight of non-financial risks: “Mismanagement of non-financial risks in the banking and wealth sector has resulted in institutions announcing hundreds of millions of...

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Improving Financial Service Providers’ Dispute Resolution and Complaints Management

Need for better management of complaints from consumers of financial services In its Final report, published in May 2017, the Review of the financial system external dispute resolution and complaints framework (Ramsay review), made 11 recommendations for more fair, timely and effective resolution by financial services providers of consumer complaints. The recommendations included: establishing a single external dispute resolution (EDR) body for all complaints about financial services providers, including superannuation entities, to replace the Financial Ombudsman Service, Credit and Investments Ombudsman and the Superannuation Complaints Tribunal. improving financial service providers’ internal dispute resolution (IDR) through increased reporting of IDR...

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Fourth Edition of the ASX Corporate Governance Principles and Recommendations

Following a public consultation process that was held between May and July 2018, the ASX Corporate Governance Council released the fourth edition of the ASX Corporate Governance Principles and Recommendations in February 2019. A national roadshow was conducted in the first half of May 2019 to explain the changes in the fourth edition.

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Penalties for Breaching New Whistleblower Law

In our 19 December 2018 update, “A Reflection on 2018”, we highlighted the second reading debate in the Senate on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Cth). This entry outlines the new protections and describes the increases to the penalties in the Corporations Act 2001 (Cth), including penalties for contravening the whistleblower protections, made by the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth).

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