Financial Accountability Regime (FAR) has commenced
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. PFS have previously provided a FAR guide for financial institutions and this short article highlights a number of recent developments and outlines the timelines for what happens next. Read full […]
A five-minute summary of the Hayne Royal Commission findings
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. High lights (or Low lights) Overall, the Commissioner laid the blame for the various acts of misconduct at the feet of […]
Why is risk management a challenge for banks?
ANZ, Citigroup and Deutsche Bank are three more names to join the long list of financial institutions that have faced criminal charges. In this instance, the accusations relate to cartel conduct surrounding the sale of AU$2.5 billion of ANZ shares to institutional investors in August 2015. This comes after the Commonwealth Bank of Australia (CBA) was […]
The collaboration conundrum: Lessons from the APRA/CBA report
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. APRA paints a picture of an organisation that became dangerously […]