And there's no update on a much-mooted 'compensation scheme of last resort' for consumers who are the victims of misconduct by companies or people that go bust.
"A mixed success. There were a few big wins and there were a couple of big losses," Swinburne Law School senior lecturer Helen Bird observed. APRA received 12 referrals about 10 companies. It has not gone to court as much, but put extra conditions on the licences of half of those firms. An example is Avanteos, which charged fees to thousands of deceased superannuation members."Where they had the opportunity to work most effectively is through capital requirements and conditions on licenses," Helen Bird explained.
"We're talking about organisations with a national footprint, extensive digital platforms, there's 140,000 staff. So it's not a simple question of just redrafting legislation."
They have no intention of fixing the problems,they are happy to keep things as they are
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