Parliamentary wrap up for financial services sector

The last weeks of Commonwealth Parliament in 2016 were busy and confused. Here’s my initial wrap up. What does it all mean? The financial services sector will continue to be scrutinised and further regulated in 2017.

Life insurance

The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 was passed by the House of Representatives and introduced into the Senate. Background

Another Senate inquiry into financial misconduct

Following the release of the report into the four major banks, the Senate Economics Committee will conduct an inquiry to review the impact of misconduct in the banking and financial services sector.

The inquiry will examine the impact of misconduct on consumers, as well as executive and non-executive remuneration structures within institutions, the chain of responsibility with regard to internal misconduct, regulatory and legislative failures in consumer protection, the adequacy of legal advice for victims of misconduct and the availability of compensation.

Small Business Ombudsman inquiry

Executives from Australia’s four major banks were questioned by the Australian Small Business and Family Enterprise Ombudsman on the treatment of small business customers

See the videos and transcripts

ASIC audit of bank cross-selling practices

In a parliamentary hearing the ASIC Chairman announced that ASIC has requested banks to conduct an audit of bank cross-selling practices.

Whistleblower protections

The Senate has referred an inquiry into whistleblower protections in the corporate, public and not-for-profit sectors to the Joint Parliamentary Committee on Corporations and Financial Services for report by 30 June 2017.

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