How the Productivity Commission wants to shake up competition in the financial system

With all the news about the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, we should not overlook an inquiry by another commission into the financial system, also announced last year, which has already proposed big changes. Background On 8 May 2017, the Treasurer asked the …

Financial Services and Credit Quarterly Update – January 2018

North Sydney business lawyers

Welcome to 2018. 2017 ended with a bang, in the form of a Royal Commission into misconduct in the banking, superannuation and financial services industries announced on 30 November. You’ll find an overview of the Royal Commission and other developments in the last quarter of 2017 in our latest Financial …

Soon it will be easier to become a bank

Regulation makes it hard to set up a new bank in Australia. But the Government says the banking system should be more competitive. Well, wouldn’t it be more competitive if they made it easier to become a bank? Finally, something is being done. The Australian Prudential Regulation Authority (APRA) recently …

Financial Services and Credit Quarterly Update October 2017

Our latest Financial Services and Credit Quarterly Update for the third quarter of 2017 can be downloaded here. In the last 3 months, APRA has been much in the news: draft legislation for the APRA-administered BEAR has now been released; APRA is consulting on a new regime to make it easier to become …

The BEAR Necessities: Understanding the Proposed Banking Executive Accountability Regime

In response to the Coleman Report on Australia’s four large banks (see here for a summary), the 2017 Federal Budget included a proposed Banking Executive Accountability Regime (BEAR) to be administered by the Australian Prudential Regulation Authority (APRA). Treasury released a consultation paper on the BEAR on 13 July 2017 (the Paper) and has been …