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The Australian Financial Commission (AFC) has released the results of its investigation into the conduct of its financial regulators, including the ACCC, ASIC and the Australian Competition and Consumer Commission (ACCC).
The ACCC said it would recommend the ACCCs conduct a full investigation into “the conduct of the three major Australian banks in relation to the conduct by the regulator, the Financial Services Commission (FSCC).”
In this regard, the commission will be considering the conduct and recommendations of the regulator’s own investigation and those of the ACC’s independent body, the Independent Banking Authority (IBA),” it said in a statement.”
The commission will also consider whether it is appropriate to pursue criminal proceedings against the regulators, the directors of the banks and the board of directors.
“The ACCC is reviewing the conduct, conduct and practices of the regulatory agencies it oversees.
The regulator has previously investigated the conduct in relation on the conduct conducted by the banks.
It has previously also asked the ACC to conduct a review of its own investigation.
The ACC’s director of consumer affairs, John Daley, said in the statement that the investigation found the banks “have failed to live up to the highest standards of governance”.”
The conduct and/or lack of transparency of these financial services providers is a fundamental part of the problem that has caused this systemic problem,” Mr Daley said.”
We are very concerned about the extent to which these banks have failed to protect consumer information and have failed in their responsibilities to act in a responsible and transparent manner,” he said.
He said the ACC had “a number of serious concerns” about the conduct at the three banks and “they will be looking at their own review of this matter.”
The regulator said it had also identified “serious breaches” of the Fair Trading Act.
The regulator’s review is ongoing and it said it will recommend to the ACCs executive that the three regulatory agencies “investigate and undertake a full review of the conduct that occurred in relation with the commission’s investigation and recommendations”.”
Given that the regulator is aware of serious breaches of the Act in relation, the regulator will be seeking to determine whether it can initiate criminal proceedings to obtain a determination that a matter of criminal importance has been committed,” it said.
The ACC has been investigating the conduct during the course of its two-year investigation.
Agency review of banking in AustraliaThe regulator conducted its review following an investigation by the ACC, which found the three financial institutions had “not provided sufficient detail” about their conduct and “had not adequately addressed their responsibilities and obligations under the law”.”
In addition, the Commission has identified a number of key gaps in the conduct review that the ACC and its independent body should have addressed,” the ACC said.
The report was released on Thursday.
It is the second time the ACC has called for the banks to conduct an investigation into their conduct.
In June last year, the ACCA published its report into the actions of the Australian banking regulator, which is the same regulator that conducted its own independent review of what went on at the banks in 2016.
In July, the agency released a similar report into one of the companies it had identified as having “inadequate and inappropriate” regulatory compliance.
In a statement on Thursday, the bank industry body, Australian Banking Association (ABCA), said it was “committed to continuing to hold the banks accountable for the conduct they have engaged in”.”
The ABC says the ACC will publish its report in early 2018.”
The ABCA is committed to holding the banks responsible for the outcomes they have sought to achieve.”
The ABC says the ACC will publish its report in early 2018.
Topics:financial-services,bankers,finance-and-finance,consumer-franchises,consumerism,business-economics-and/or-federal-government,bank-of-the-macquarie,banker-partnership,australiaFirst posted March 16, 2019 05:46:20Contact Amy RicheyMore stories from Western Australia