SME Times is powered by   
Search News
Just in:   • Govt schemes promoting textiles exports: Textiles Secretary  • India tops Big Data and Aanalytics adoption in APAC region: Oracle  • False allegations levelled against me but truth will prevail: Choksi to employees  • Modi 'most expensive watchman' in the world, says Congress  • India tops Big Data and Analytics adoption in APAC region: Oracle 
Last updated: 12 Feb, 2018  

Australia.9.Thmb.jpg Australia begins examining banks' misconduct

Australia.9.jpg
   Top Stories
» Govt schemes promoting textiles exports: Textiles Secretary
» Connecting to global value chain critical for MSMEs: Naidu
» MSME sector backbone of economy: Modi
» Tougher laws soon to bring scamsters to justice: Jaitley
» Five-day handicraft and gifts fair 'IHGF-Delhi' kicks off
IANS | 12 Feb, 2018
The Australian government on Monday began examining the country's banks, insurers, financial services providers and pension funds, among other entities, through a royal commission established specifically for the investigation.

The year-long Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will focus on the inappropriate conduct of financial institutions vis-a-vis their clients and small businesses, reports Efe news.

The initial public hearing, which began on Monday, will be streamed live through the Royal Commission's webcast.

In a statement published on its website, the Commission said that "it cannot resolve individual disputes" and that it "cannot fix or award compensation or make orders requiring a party to a dispute to take or not to take any action".

The Commission was created in November 2017 after months of pressure from the opposition Labor Party and Green Party to investigate the financial sector.

The opposition was also joined by some voices from the ruling coalition of Prime Minister Malcolm Turnbull, who opposed the measure.

Criticisms against the banks for their misconduct point to the alleged manipulation of interest rates and the exploitation of clients through loans or investment advisor's services.

In addition, the Commonwealth Bank of Australia is facing legal proceedings for having allegedly violated anti-money laundering and counter-terrorism financing laws in 53,500 transactions between November 2012 and September 2015, as it did not report transactions exceeding AU$10,000 within 10 days.

After the announcement of the establishment of the commission, the senior managers of the four major Australian banks, the Commonwealth Bank, ANZ, NAB and Westpac, expressed in a letter that although their institutions have long opposed the investigation, the measure responds to the national interest.




 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 26 Feb, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(31)
» Exports: Time for govt to step in(4)
» New MSME definition to help textile manufacturing: Minister(3)
» Exports fall 9.8 pc in January(2)
» Job seekers protest at Bihar railway stations(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter