It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
Articles on ASIC
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Robust credit ratings agencies are vital for the Australian economy, as the repercussions of their decisions are felt far and wide.
Research shows the majority of consumers have low financial knowledge and experience, but they are also prone to behavioural biases that don’t help.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
There are some hallmark problems within franchising in Australia and internationally and not all are within the franchisor’s or franchisees’ control to fix.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
The federal government is trying to make Australians more financially literate, but it’s using a definition that ignores many political, economic and cultural factors.
The new banking regulations undermine the existing system, confusing regulators and achieving very little.
Despite billions raised in the past year, ICOs are still risky. But ASIC has finally given us a sign of how they will be regulated.
One scandal at the CBA stands out above all others, It set the scene for how the CBA board would handle future scandals, that is to obfuscate, prevaricate and litigate.
ASIC is telling CommInsure to do what it should have been doing all along. Let’s forget the past and mistreatment of customers, it’s paradise for firms that prey on the sick and dying.
Studies have shown that shame can motivate people to be both helpful but also vengeful, so the verdict is still out on whether it curbs bad behaviour.
A primary focus on prosecuting those who have committed illegal phoenix activities has not been successful.
Australia could follow the UK’s lead in fostering progress in the financial technology sector.
2016 was not a good year for ASIC and now it looks like it might run up the white flag on its BBSW legal case.
Just before everyone sits down for their Christmas dinner ASIC has handed two of Australia’s big four banks a big present.
The latest Productivity Commission report on how consumer law is being used shows that the same issues still haven’t been addressed for years.
Members of House Standing Committee on Economics should be asking the directors of Australia’s Big Four banks (not the CEOs) different questions, if they really want the right answers.
Businesses are trying to set up procedures to help whistleblowers, but better guidance, incentives and regulation are still needed, new research finds.
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