Download or read book Royal Commission Into Misconduct in the Banking Superannuation and Financial Services Industry written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2019 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct. The Royal Commission has also made a number of recommendations to Australian Prudential Regulation Authority (APRA) to bolster its focus and supervision of culture and governance. The report also set out 76 recommendations to clean up the industry. One was for a new bank-funded compensation scheme for victims of banking misconduct. Other measures targeted the intermediaries that sold insurance, pensions and mortgages to befuddled Australians.
Download or read book Royal Commission Into Misconduct in the Banking Superannuation and Financial Services Industry written by Sr. Attorney-'s Department, Sr. and published by . This book was released on 2018-10-30 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Interim Report written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Final Report written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2019 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct. The Royal Commission has also made a number of recommendations to Australian Prudential Regulation Authority (APRA) to bolster its focus and supervision of culture and governance. The report also set out 76 recommendations to clean up the industry. One was for a new bank-funded compensation scheme for victims of banking misconduct. Other measures targeted the intermediaries that sold insurance, pensions and mortgages to befuddled Australians."--Executive summary."--Abstract.
Download or read book Final Report written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2019 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct. The Royal Commission has also made a number of recommendations to Australian Prudential Regulation Authority (APRA) to bolster its focus and supervision of culture and governance. The report also set out 76 recommendations to clean up the industry. One was for a new bank-funded compensation scheme for victims of banking misconduct. Other measures targeted the intermediaries that sold insurance, pensions and mortgages to befuddled Australians."--Executive summary."--Abstract.
Download or read book Final Report written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct. The Royal Commission has also made a number of recommendations to Australian Prudential Regulation Authority (APRA) to bolster its focus and supervision of culture and governance. The report also set out 76 recommendations to clean up the industry. One was for a new bank-funded compensation scheme for victims of banking misconduct. Other measures targeted the intermediaries that sold insurance, pensions and mortgages to befuddled Australians."--Executive summary."--Abstract.
Download or read book A Wunch of Bankers written by Daniel Ziffer and published by . This book was released on 2019-10-10 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was a complicated, galling, and gasp-inducing year at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It wasn't just the long list of scandals exposed to a horrified nation -- charging fees to dead people, ignoring blatant conflicts of interest, and taking $1 billion from customers in fees that banks were never entitled to. What made it so fascinating, so heart-breaking, and so enraging was the procession of faces through the witness box, and the team of counsel gazing into the dark heart of banking. Tearful victims, blank-faced executives, hapless regulators, and a couple of utter charlatans all had their day in court, watched by an audience of millions, and revealing -- in their stories -- the material to justify re-shaping the multi-trillion dollar financial-services industry that forms a pillar of Australian life. A Wunch of Bankerscovers not just the big shocks, but the small moments -- lost in the flurry of daily reporting -- that reveal how companies have used the law, limp enforcement, and basic human behaviour to take advantage of customers. Is there a phrase that allows life-insurance spruikers in call centres to terrify you about your impending death -- and the grief-stricken ruins of an estate you'll leave for your bereaved family -- while still being legal? Yes, there is. Was there a meeting in which a bank's executives ignored a warning of 'Extreme' from its chief risk officer, to embark on a dodgy scheme that accrued $3.6 billion in funds? There was. In A Wunch of Bankers, the World's Oldest Debuting TV Reporter brings out the colour and grit of the royal commission's proceedings, and explores broader issues raised by the testimony. A compelling mixture of analysis, reportage, and observation, it is a revelatory work.
Download or read book Interim Report of the Royal Commission Into Misconduct in the Banking Superannuation and Financial Services Industry written by Attorney 's Department and published by . This book was released on 2018-08 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Final Report written by Australia. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and published by . This book was released on 2019 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Royal Commission has shone a spotlight on the extent of wrongdoing and misconduct across the financial system. It has identified entities putting profits ahead of people and rewarding misconduct, a lack of accountability for those who broke the law, and regulators who need to be more effective in denouncing and punishing misconduct. The Royal Commission has also made a number of recommendations to Australian Prudential Regulation Authority (APRA) to bolster its focus and supervision of culture and governance. The report also set out 76 recommendations to clean up the industry. One was for a new bank-funded compensation scheme for victims of banking misconduct. Other measures targeted the intermediaries that sold insurance, pensions and mortgages to befuddled Australians."--Executive summary."--Abstract.
Download or read book Causes and Solutions for Misconduct in the Financial Services Industry written by Shann Turnbull and published by . This book was released on 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the efficacy of the Australian government's 2018 initiatives to counter widespread misconduct identified by its Royal Commission into misconduct in the banking, superannuation, insurance, and financial services industry. As regulators exist to protect stakeholders, there is a need for: (i) regulators to become accountable to them and (ii) the ability of stakeholders to appoint representative bodies to direct and control qualified stakeholder advocates who could also become co-regulators. The role, size, cost and intrusiveness of regulators could be reduced. Regulators could require firms to: (a) remove current unethical conflicts inherent in Anglophone corporate constitutions; (b) establish constructive management of other conflicts; (c) provide independent voice to stakeholders for improving operations, reporting misconduct, harms, risks and/or unsatisfactory service. These changes could provide the means to achieve the outcomes specified in 2018 by the largest global fund manager who has identified the need for “A new model of corporate governance”. The appointment of various classes of stakeholder advocates for the different stakeholder constituencies of each firm offers the prospect of competitive advantages with continuous, more economic, comprehensive, nuanced and reliable control of mismanagement, misconduct and malfeasance than the practice of embedding regulators within a firm.
Download or read book Professionalising Financial Advice written by CFA Institute and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Banking Bad written by Adele Ferguson and published by HarperCollins Australia. This book was released on 2019-08-01 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 2020 Davitt Award for True Crime/Non-fiction. Against all the odds, Australia held a royal commission into the banking and financial services industries. Its revelations rocked the nation. Even defenders of the banks were blindsided. Few people were more instrumental in bringing about the commission than journalist Adele Ferguson. Through her exposes in print and on television, she pursued the truth about funds mismanagement, fraud, lack of probity, and the hard-sell culture that took over the finance industry after deregulation in the 1980s. But it wasn't just light-touch regulators and crooked bankers growing fat on bonuses she put under the spotlight. It was also their victims - men and women who had lost everything, and had no recourse when they discovered empty accounts, egregious fees, forged documents and broken promises. Now in Banking Bad, Ferguson tells the full story of the power imbalance, toxic culture and cover-ups. She describes the long fight for justice by whistleblowers, victims and political mavericks, and she looks at the outcomes of the royal commission - the falls from grace, the damaging hubris, the scathing assessment of the regulators, and the colossal compensation bill - an estimated $10 billion. Finally, she asks whereto from here? In May 2019, the Coalition government, which resisted calls for a royal commission, was re-elected. Bank stocks surged and lending regulations were loosened. Will it all be business as usual from now on, or have our financial executives learned that their wealth cannot come at the expense of ordinary Australians? This is a book for every person with a bank account. PRAISE 'If you want a glimpse of the reality distortion that multi-millionaire bankers live in, you need to read Banking Bad.' - Scott Pape 'Ferguson's pacey writing style gives the book the air of a corporate thriller.' - Michael Rowland, ABC News Breakfast 'And for those of who anticipate that corporate Australia will lapse back into the state of complacency and misconduct revealed in the APRA CBA Report and the Hayne Royal Commission, ... should read the whole book for themselves - for no other reason than that it so clearly identifies the issues of governance and culture that seems to have escaped them for so long.' - Graeme Samuel, Professorial Fellow in the Monash Business School and former chairman of the ACCC '[Adele] recounts a colourful cast of bullies, thieves and crooks being rewarded extraordinary sums to rip off customers.' - Money Magazine
Download or read book The Wider Implications of the Hayne Report for Corporate Australia written by Andrew Lumsden and published by . This book was released on 2019 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Final Report and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, led by the Hon Kenneth Hayne AC QC, was published on 4 February 2019. The Commonwealth Government's response: highlighting the actions it will take in respect of all of the recommendations. The report (and the preceding interim report) found widespread misconduct. While the focus was on the financial sector the issues highlighted in the Report have wider application for the management and governance of corporate Australia generally. Primarily the Commission found responsibility for the misconduct rested with boards and senior management.
Download or read book People Risk Management written by Keith Blacker and published by Kogan Page Publishers. This book was released on 2015-04-03 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: People Risk Management provides unique depth to a topic that has garnered intense interest in recent years. Based on the latest thinking in corporate governance, behavioural economics, human resources and operational risk, people risk can be defined as the risk that people do not follow the organization's procedures, practices and/or rules, thus deviating from expected behaviour in a way that could damage the business's performance and reputation. From fraud to bad business decisions, illegal activity to lax corporate governance, people risk - often called conduct risk - presents a growing challenge in today's complex, dispersed business organizations. Framed by corporate events and challenges and including case studies from the LIBOR rate scandal, the BP oil spill, Lehman Brothers, Royal Bank of Scotland and Enron, People Risk Management provides best-practice guidance to managing risks associated with the behaviour of both employees and those outside a company. It offers practical tools, real-world examples, solutions and insights into how to implement an effective people risk management framework within an organization.
Download or read book Corporate Finance written by John Graham and published by Cengage AU. This book was released on 2020-10-30 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Finance, 3e offers a dynamic, modern and practical approach that illustrates how financial management really works. It features up-to-date content including a focus on ethics in finance, following the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This resource is distinguished by the cash-flow ‘arc’ of the narrative, which gives a practical learning path, and the use of real options - a practical analysis tool that is used in corporate finance. Students are provided with an engaging and contemporary learning path, giving them realistic preparation for a career in finance. The strong five-part framework of the book is supported by integrated online elements and easy-to-read chapter narratives. Premium online teaching and learning tools are available on the MindTap platform. Learn more about the online tools cengage.com.au/mindtap
Download or read book Finance and Expenditure Select Committee Briefing Note written by and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This briefing note has been prepared in response to the request from the Finance and Expenditure select committee for the Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) to brief the committee on the Australian Royal Commission (RC) into Misconduct in the Banking, Superannuation and Financial Services Industry. It provides a background on the RC and outlines the response by regulators in New Zealand"--Page 1.
Download or read book Some Features of Financial Services in Regional and Remote Communities written by and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of issues relating to access to financial services in rural and regional Australia. Topics include the number of people in regional and remote communities, the availability of financial services in such areas, closures of bank branches, local alternatives to traditional banking models, access to appropriate and affordable financial services and products, risk of financial exclusion, access via the internet, and ATM fees. This paper has been prepared to help inform the work of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
