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Loopholes in Financial Services Regulation

Thursday 26 April 2018

Money Management

 A letter from the Australian Information Commissioner has confirmed ‘gaps and loopholes’ in the regulatory framework of the financial system.

Money Management reported that Victims of Financial Fraud (VOFF) released extracts of letter that they received form the Information Commissioner explaining the refusal of Freedom of Information Request:

If this material were released, it would allow persons with malicious intentions to identify gaps and loopholes in the legislation that limit APRA’s powers as the relevant regulator.

In response to the this VOFF wrote its own letter to Minister of Revenue and Financial Services, Kelly O’Dwyer, saying that this is the case then the Banking Royal Commission is just a token gesture and if weaknesses remain it could allow a multimillion dollar fraud in the future.