Royal Commission (Part Five): More Skin in the Game – The Impact of the Regulators

ASIC has been called at various stages “a toothless tiger” and “a pawn of the financial services industry”. And the Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Interim Report) doesn’t seem to disagree. Which brings up the question – does this mean that the future for ASIC, and the similarly unproductive APRA, is bright? Or does it mean that Commissioner Hayne is likely to recommend that there be at least some sort of reform of the regulators in the final report?

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New Risk Management Standard ISO 31000 – The Changes You Need to Know About

On 15 February 2018, a new risk International Risk Management Standard ISO 31000:2018 was released. ISO 31000:2018 is shorter, clearer and more concise than its predecessor, but is still considered best practice for implementing risk management systems. A new Australia/New Zealand Standard (which adopts ISO 31000:2018 in full) was adopted by Standards Australia on 30 October 2018.

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Royal Commission (Part Three): Consumer Protection vs Credit Risk

The Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) focused its first public round of hearings on consumer lending. The Royal Commission did this for two reasons. Firstly, because consumer lending affects both consumers and financial service entities equally and secondly, because the kinds of dealings which were being raised in connection with the public hearings all indicated conduct falling below community standards and expectations.

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