AMP’s handling of sexual harassment charges shows its culture is still rotten.
Articles on ASIC
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The Reserve Bank has scheduled an announcement for Thursday. The government will unveil a second coronavirus stimulus package within days.
Westpac’s 154 page financial statement will be a challenge for shareholders attending Thursday’s annual general meeting. In the early 2000s, it was only 35 pages.
The government has agreed to create an independently-chaired body to report on the performance of ASIC and APRA, but it hasn’t said its reports will be made public.
The odds of winning are no better than even, and the costs of losing are enormous. We ought to limit forex to traders who can demonstrate their expertise.
Suddenly, ASIC is about to have real power. It’ll be easier to get prosecutions and they will hurt, even if the law remains less than completely clear.
There are better ways to teach financial literacy than through school banking schemes.
ASIC is under pressure to take every significant case to court. But that would delay justice and break its budget.
Negotiated deals between ASIC and alleged wrongdoers leave us in doubt as to the reach of the law.
Compare the ACCC to ASIC and it’s clear why
Rod Sims has been reappointed to a record third term as Australia’s top competition and consumer cop.
Getting better behaved banks isn’t difficult. Here are three places to start.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.
Putting regulators inside corporations isn’t new, and the US experience highlights risks of regulatory capture, but the move could make a difference if ASIC is shifting to more robust enforcement.
Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn’t fix the culture that sacrifices customers’ interests to the pursuit of profits.
Evidence in front of the banking royal commission today is very similar to the case that sparked consumer protection laws more than 30 years ago.
All eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations?
ASIC and APRA don’t lack power to sack bank directors. They the lack the willpower to do so.
Even when ASIC has been sufficiently resourced to pursue litigation, the Australian courts have contributed to an environment where contravening behaviour is a rewarding option.
As the banking royal commission continues to expose wrongdoings, the pressure is intensifying on the corporate regulator.
Top contributors
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Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
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Senior Lecturer, Faculty of Law, University of Wollongong
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Professorial Fellow, University of Canberra
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Associate Professor - Department of Accounting and Corporate Governance, Macquarie University
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Professor of Law, The University of Western Australia
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Professor of Law (consumer protections and credit law), The University of Melbourne
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Senior lecturer, Queensland University of Technology
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Adjunct Professor of Law, University of New England
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MinterEllison Professor of Risk and Regulation, UNSW Law; Director, Centre for Law Markets and Regulation, UNSW Law, UNSW
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Associate Professor, Corporate Law, University of Sydney Business School, University of Sydney
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Professor of Public Policy & Law, Centre for Governance & Public Policy, Griffith University
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Lecturer in Corporations Law and Regulation of Corporate Misconduct, The University of Queensland
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Emeritus Professor, Melbourne Law School, The University of Melbourne
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Lecturer in Accounting, The University of Queensland