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Australia's banking regulator is picking and choosing which banks it is allowing to get away with breaking the law by misreporting whether their sites offer cash service provided by a teller.
ASIC’s crackdown on product disclosures continues. ASIC has issued 11 design and distribution obligations stop orders, with the first stop orders being issued in July. Latest interim stop order prevent a fund management firm from distributing three funds to retail investors.
Making news this week... Falling housing prices “not all downside”, says outgoing APRA chair; Heartland to acquire Challenger Bank; calls to slash red tape amid housing crisis; RBA makes a case for slowing rate rises; and more.
According to outgoing APRA chair, the evidence is clear that size in the super sector “helps deliver better member outcomes”. In his last official speech as APRA chair, Wayne Byres, reflected
Departing APRA chair Wayne Byres has made parting shot at the superannuation sector, saying one of the things he is most proud of is the increased transparency the regulator has driven in an industry where "self-interest can sometimes outweigh member interest.