Australian Securities and Investments Commission deputy chairman Daniel Crennan has warned the financial sector there must be major improvements in its behaviour, rejecting the suggestion that being fair to customers is a difficult concept to understand.
“It must happen, because we cannot see a repeat of the recent explosion of misconduct,” Mr Crennan said.Financial institutions can now be fined for failing to act "efficiently, honestly and fairly" towards customers, whereas previously this legal obligation did not have penalties attached to it.
Mr Shipton made the remarks in his opening address at the regulator's annual conference, which this year is focused on the social role of finance. Mr Shipton explained that it did not mean ASIC would "litigate everything". Rather, he said ASIC would consider going to the courts if it thought the law had been broken, and taking court action was in the public interest.
Several top international regulators are also attending the Sydney conference, as countries overseas face a similar erosion of trust in their banks after episodes of poor conduct.
clancyyeates The overpaid gutless group in their citycentric bubble. ASIC is good for nothing.
clancyyeates And ASIC should have policed them years ago, but did nothing.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASIC loses bid for inquiry into liquidators of Crystal Carwash king's companiesThe corporate watchdog has lost its bid to have Andrew Wily investigated for allegedly failing to properly run the administration of 12 companies linked to Anthony Sahade.
Source: smh - 🏆 6. / 80 Read more »
ASIC loses bid for inquiry into liquidators of Crystal Carwash king's companiesThe corporate watchdog has lost its bid to have Andrew Wily investigated for allegedly failing to properly run the administration of 12 companies linked to Anthony Sahade.
Source: smh - 🏆 6. / 80 Read more »
It’s not a trade war with China, it’s just 'a little squabble': TrumpUS President Donald Trump says he has a 'very good dialogue' going with China and an 'extraordinary' relationship with President Xi Jinping amid the trade war.
Source: SBSNews - 🏆 3. / 89 Read more »
Now it's running, now it's not: Another hiccup for notorious Southern Cross station escalatorJust when you thought the troublesome escalator at Southern Cross station had been fixed, up pops another peak-hour predicament. When you’ve been watching escaltor accidents then you see this happen in a place near you. Final Destination. Victorian train system is stuffed.........how on earth did state labor just hand over metro an 8 year contract on mates rates. One wonders about our union government and enterprise bargaining for their mates.
Source: theage - 🏆 8. / 77 Read more »
Now it's running, now it's not: Another hiccup for notorious Southern Cross station escalatorHang on a jiffy: that naughty Southern Cross station escalator appears to be out of action again, reports Michael Fowler who took this photo a few moments ago. Stand by while we update our story:
Source: theage - 🏆 8. / 77 Read more »
Now it's running, now it's not: Another hiccup for notorious Southern Cross station escalatorJust when you thought the troublesome escalator at Southern Cross station had been fixed, up pops another peak-hour predicament. Third world country. Can we invite the Japs to take care of our Metro infrastructure?
Source: theage - 🏆 8. / 77 Read more »
'It has to stop': Passenger behaviour in a crash a serious problemPhotographs and videos of the Moscow disaster show some travellers escaping the wreckage holding their carry-on luggage.
Source: theage - 🏆 8. / 77 Read more »
What really happens behind the scenes on a fashion showHere are the people who make fashion week run - and how they do it.
Source: smh - 🏆 6. / 80 Read more »
Shorten ramps up his push for better wages | Sky News AustraliaBill Shorten is on the hustings in Tasmania on Tuesday as he ramps up his push on wages.\n\nThe Opposition leader has written to the Fair Work Commission in a push to better pay packets for more than two million Australians.\n\nIt follows his visit to Sydney on Monday, where the Labor leader defended his quick call to match the government's plan to guarantee deposits for first home buyers. \n\nMr Shorten assured there would be no cost to the taxpayer even if first home buyers defaulted. \n\nImage: News Corp Australia \n\n\n\n\n\n\n\n\n That’s a bit different to guaranteeing a wage rise 🤔 Coz higher wages mean more tax right? I can write to Fair Work Commission asking for a pay rise as well, this means shit does not mean I will get one
Source: SkyNewsAust - 🏆 7. / 78 Read more »
What really happens to your poo when staying on a cruise shipIf you’re one of the 20 million people a year that sit on cruise ship toilet seats, chances are you spent at least a fleeting moment wondering exactly what happens when you flush the loo. ewwwww Where do you think the chocolate mousse in the buffet comes from? That’s sh*t.
Source: newscomauHQ - 🏆 9. / 77 Read more »
Family's pain at loss of son: 'It shouldn't have happened'The heartbroken family of an 18-year-old apprentice killed at a construction worksite tell 60 Minutes they want those responsible to be held 'accountable'.
Source: 9NewsAUS - 🏆 10. / 72 Read more »