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While the finance industry has not yet seen this year’s regulatory priorities from the Australian Securities and Investments Regulator (ASIC), those who were paying attention to the wider regulatory guides and consultation papers released last year should get a pretty clear picture of where the regulator will focus its attention.

Recently, Pau...

By Kwame Slusher

Thursday 8 March 2018




News Summary

The Australian Securities and Investments Commission (ASIC) will be reviewing surveillance and fraud investigative methods used by general insurers.

The regulator will host a workshop which will include consumer and industry representatives to determine whether claims were investigated appropriately, and whether consumers to ...

By Kwame Slusher

Tuesday 6 March 2018



Interview with Susan Cretan 


The theme for this year’s International Women’s Day is Press for Progress.

GRC Professional took the opportunity to catch up with one of those pressing for progress—both for GRC professionals and for professional women in general—GRCI’s own Director, Susan Cretan.

Cretan has worked across a range of sectors,...

By Kwame Slusher



Competition 

The Australian Competition and Consumer Commission (ACCC) has taken action against Woolworths for alleged engaging in misleading and deceptive conduct on several of its environmentally-friendly ‘W Select Eco’ products.

The competition regulator alleges that, between November 2014 and November 2017, Woolworths labelled a range o...

By Kwame Slusher

Monday 5 March 2018



Financial Services

 
It has been announced that further changes will be made to the Commonwealth Bank of Australia’s (CBA) board. The changes are intended to reflect their commitment to their ‘renewal process’.

“As foreshadowed at last year’s AGM, Andrew Mohl will retire from the Board at the conclusion of the 2018 Annual General Meeting, ha...

By Kwame Slusher

Friday 2 March 2018



Financial Crimes 

The GRC Professional magazine got a chance to catch up with Eric Frost, Founder of Simple KYC, to take a look at the challenges businesses face in meeting their requirements under the Anti-Money Laundering and Counter Terrorism Financing Act.

Simple KYC is a RegTech start-up that assists organisations in navigating their w...

By Kwame Slusher

Thursday 1 March 2018



Financial Services 

 
Former Australian Politician, Helen Coonan, will be appointed Chair of the Australian Financial Complaints Authority (AFCA).

The ‘one-stop-shop’ complaints body is expected to start receiving complaints no later than November of this year.

Coonan has extensive experience both in government and the commercial sector, ...

By Kwame Slusher



Competiton

In its opening statement to the Productivity Commission (PC) public hearing into ‘Competition in the Australian Financial System’, the Australian Competition and Consumer Commission (ACCC) discussed their role in helping to oversee competition in the financial sector.

When considering that role, the ACCC agreed with the PC’s need...

By Kwame Slusher




Financial Review

The AFR reports that Commissioner Kenneth Hayne will be examining settled legal cases of bank mortgage fraud in a process set to start next month.

The AFR reported that “The Royal Commission said on Monday it would be probing misconduct across all of the big four banks. These include fraudulent home loan applications at N...

By Kwame Slusher