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Banking royal commission: AMP loses count of how many times it misled ASIC – 17 April 2018
AMP’s head of financial advice has lost count of the number of times the company misled corporate regulator ASIC over charging customers fees for no service, he has told the financial services royal commission. The financial services company is the first institution to be questioned by the commission over the fee-for-no-service scandal, which also involves the four major banks.
http://www.abc.net.au/news/2018-04-17/amp-loses-count-of-how-many-times-it-misled-asic/9666612
The truth hurts: why whistleblowers get such a hard time – 13 April 2018
Governments, companies and wider society need to rethink their attitudes towards whistleblowers in all sectors of the economy, from compliance staff in banks to nurses working in aged-care facilities.
This includes compensating them for speaking up – and paying rewards for valuable information.
APRA says it has banking under control – 29 March 2018
APRA chairman Wayne Byres has publically rejected claims that the regulator was unable to keep the Australian banks in line. Byres claims that APRA was not responsible for monitoring much of the conduct at the centre of the royal commission, and that there is no sign of a broader problem.
https://www.macrobusiness.com.au/2018/03/rc-apra-says-banking-control/
Algorithms corrupted by criminals: APRA sounds alarm on AI – 28 March 2018
APRA board member Geoff Summerhayes has criticised the insurance industry’s rush to use artificial intelligence, claiming that it will bring risks that are not yet fully understood.
