Banking and credit

March 20, 2017 7:47 AM | Posted by Batten, Richard | Permalink
December 6, 2016 8:46 PM | Posted by Batten, Richard | Permalink
Our submission to ASIC on Consultation Paper 268 Licensing relief for foreign financial services providers with a limited connection to Australia supports the continued need for both the exemption for wholesale services provided outside Australian (CO 03/824) and the passporting class order relief that ASIC has provided to regulated entities from the US, the UK, Hong Kong, Singapore, Germany and Luxembourg.  Further details can be found in our submission which is available here. read more
November 28, 2016 10:40 AM | Posted by Batten, Richard | Permalink
The Report of the inquiry into the Big 4 banks in Australia has raised concerns with the banks' market dominance and their use of market power and made 10 recommendations, some of which will have an impact beyond the banks. read more
March 24, 2016 5:30 PM | Posted by Richard Batten and Justin Locke | Permalink
ASIC has made some important observations about conflicts management practices in the funds management sector which have broad relevance not confined to fund managers. read more
November 25, 2015 10:59 PM | Posted by Batten, Richard | Permalink
In a surprise move, the Senate has agreed to pass a cut-down version of the FOFA Streamlining Bill, but after the amendments made to the Bill in the Senate there is not much left of the Government's original streamlining initiative. read more
October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
July 30, 2015 4:15 PM | Posted by Pinar Ozer | Permalink
ASIC announced yesterday that it will now use its power to recover expenses and costs of its investigations.   read more
December 11, 2014 5:12 PM | Posted by Richard Batten | Permalink
While we welcome the final report of the Financial Systems Inquiry and its recommendations, we are concerned that there is a risk of fragmentation or cherry picking if some elements are addressed and not others. read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
July 9, 2014 4:08 PM | Posted by Ellicott, Thomas | Permalink
Our current Twin Peaks model relies heavily on the capacity of ASIC and APRA to manage systemic risks facing the financial sector, but is this approach sufficient? Indeed, one question that should be a central focus of the FSI is how we can best structure our regulatory framework to navigate macro-scale risks. read more
July 7, 2014 9:09 AM | Posted by Gillian Brown, Melanie Wong | Permalink
One issue that the Inquiry will report on is the role and impact of new technologies, market innovations, and changing consumer preferences and demography on the financial system. read more
May 1, 2014 1:15 PM | Posted by Batten, Richard | Permalink

I attended a very interesting panel discussion on the Inquiry last night which covered a number of issues, including:

  • cost of superannuation and investment in infrastructure
  • responding to the GFC
  • addressing the cost of regulation.
read more
April 1, 2014 8:38 AM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
The retail/wholesale client distinction is central to the current regulatory framework. Retail clients are afforded considerable additional conduct and disclosure protection. Reforming the retail/wholesale distinction has been on the regulatory agenda for some time, particularly in the wake of the GFC. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
read more
March 14, 2014 1:00 PM | Posted by Richard Batten, Tim Sutton | Permalink
It's been 17 years since Australia's last inquiry into its financial system. A lot has changed since the Wallis Report in 1997. Why the need for a new inquiry? What has changed since Wallis made his recommendations? read more