PFS Consulting supports enhancing governance standards but believe additional clarity is needed on some specific elements of the proposals, and how they will be implemented and enforced. We also think it’s worth considering when to provide more prescription in certain areas. We’ve also raised several important additional matters which were not explicitly addressed in the proposal.
APRA has proposed measures to strengthen governance in financial institutions. Read the summary of the problem statements along with proposals
The Privacy and Other Legislation Amendment Act 2024 (the Amendment Act) was passed on 29 November 2024 and received Royal Assent on 10 December 2024,
March was a busy month with the release of regulator rules, transitional rules and the release of a consultation package for RSE licensees and insurers.
By now you have probably begun analysing the findings of the Hayne Royal Commission – however if you need a top line catch up, here’s our summary, with some of our own thoughts added.
ANZ, Citigroup and Deutsche Bank are three more names to join the long list of financial institutions that have faced criminal charges.
It’s been called Australia’s most scathing regulatory report to date. The Australian Prudential Regulatory Authority’s (APRA) inquiry into a succession of conduct and compliance issues at the Commonwealth Bank of Australia (CBA), which culminated in the flouting of several aspects of anti-money laundering legislation, is certainly damning.
