Australia Inquiry into Financial Sector Scandals Seen to Give Reprieve to Banks

Article 0 Comments Australia financial shares surged the most in a decade after an inquiry into decades of wrongdoing stopped short of demanding a structural overhaul of the scandal-plagued industry or tighter lending rules that threatened to crunch bank profits. While banks will face a tougher future with regulators empowered […]

Australia to Shake Up Financial Sector After Inquiry Shows Widespread Wrongdoing

Article 0 Comments Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice. The government-appointed inquiry known as a Royal Commission also recommended prosecutions for 24 cases of wrongdoing and […]

Timeline: Australia’s Inquiry of Misconduct at Banks, Insurers, Wealth Managers

Article 0 Comments For nine months a quasi-judicial public inquiry into Australia’s financial system has heard allegations of bribery, fraud, board-level cover-up, abuse of power and the charging of fees for no service. As the inquiry nears its end, the following is a timeline of milestones since it was announced […]

Australia Inquiry into Bank Misdeeds Could Trigger Sweeping Financial Sector Reform

Article 0 Comments An inquiry that has exposed rampant greed and wrongdoing in Australia’s major banks and wealth managers wraps up this week ahead of a final report which could trigger sweeping reform of the financial sector of the world’s 12-largest economy. Dismissed initially as a “populist whinge” by the […]

Australia Life Insurers Will Be Required to Publish Customer Dispute Numbers

Article 0 Comments Australia’s life insurers will be required to publish customer dispute numbers every six months, top financial regulators said on Wednesday, as a misconduct inquiry threatens other reforms that could hurt industry profitability. For the first time, customers will be able to see comparable dispute and claims data […]

Australian Prime Minister Asks Regulator to Prosecute Bankers for Financial Misdeeds

Article 0 Comments Australian Prime Minister Scott Morrison said on Sunday it was up to the country’s financial regulator to prosecute bankers following the release of a scathing report which found some institutions had pursued profit at the expense of honesty. In almost 60 days of public hearings since February […]

Australia’s Financial Institutions Put Profit over Customers, Mis-Sold Insurance: Inquiry

Article 0 Comments Australia’s big banks and wealth managers pursued profit ahead of their customers’ interests and saw regulatory compliance as a cost rather than a guide to proper conduct, a scathing interim report from a commission of inquiry said on Friday. The sector has been rocked by months of […]

Allianz Under Fire by Australian Commission for Travel Insurance Sales

Article 0 Comments An Australian unit of German insurer Allianz SE sold travel insurance that misleadingly promised unlimited emergency medical cover wherever people were even though the policies had limits on both cost and location, a misconduct inquiry heard on Monday. The Royal Commission, which can recommend criminal prosecutions and […]

Australia’s Financial Services Probe Highlights Need for Corporate Ethical Training

Article 0 Comments When Nick Wailes started as the head of Australia’s top-ranked business graduate school in February, he already had the idea of offering a course to address a shortfall of training in ethical leadership. A few weeks later, the country’s most powerful type of inquiry, a Royal Commission, […]