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  • ASIC To Be Given Power To Ban Risky Financial Products

    15 December 2016
    Minister for Revenue and Financial Services Kelly O’Dwyer says the measures included in the consultation paper, "will improve outcomes for consumers and make ASIC a more proactive regulator."

    The Government has announced that it will proceed with plans to give increased power to ASIC to ban or intervene in the sale of financial products that it deems unsuitable for consumers. The Turnbull Government released a consultation paper earlier this week that requires feedback for two proposals that emerged as a result of the Financial System … Continue reading ASIC To Be Given Power To Ban Risky Financial Products

  • ASIC To Use Artificial Intelligence In Power Push

    9 December 2016
    Chairman Greg Medcraft has warned rogue bankers that there is ‘no way to hide’ as the corporate regulator is set to utilise artificial intelligence to boost its surveillance powers.

    ASIC will soon utilise new technology such as artificial intelligence and biometric data in a bid to detect rogue banking behaviour and boost its surveillance powers. ASIC will use the $120 million in funding boost it received from Parliament in November to unleash its digital capabilities including artificial intelligence issuing a warning to rogue bankers companies, fund … Continue reading ASIC To Use Artificial Intelligence In Power Push

  • Government Backpedals On Banking Tribunal

    8 December 2016
    Former Premier Jeff Kennett has been critical of the Government’s decision to back down on its decision to establish a banking tribunal to deal with consumer complaints.

    After announcing the new  Professional Standards of Financial Advisers bill several weeks ago, the Turnbull Government has reneged on its deal of installing a banking tribunal. The Turnbull Government will not proceed with its intended banking tribunal and expert panel to examine dispute resolution in the financial services industry but will replace it with a new ombudsman. The Ramsay … Continue reading Government Backpedals On Banking Tribunal