Friday, February 15, 2019

Tough new penalties will make ASIC a "feared" regulator, warns deputy chair Daniel Crennan

The corporate watchdog ASIC has put white collar criminals on notice that tough new penalties with potential jail terms of fifteen years will make it a "feared" regulator.

The Senate has passed legislation that could see criminal fines for corporations rocket from  just $210,000 to almost a million dollars or ten percent of a company's turnover. 

While the proposed criminal and civil penalties won't cover misconduct that emerged in the banking Royal Commission. 

ASIC deputy chair Daniel Crennan tells ABC's Peter Ryan that corporate criminals are on notice.

Thursday, February 14, 2019

AMP profit crashes 97pc amid royal commission scandal fallout. I speak with AMP boss Francesco De Ferrari.

Wealth management giant AMP has seen its full year profit dive by 97 percent to $28 million as it confronts scandals from the financial services Royal Commission. 

AMP has recorded net cash outflows of $3.97 billion from its wealth management business as customers consider where to invest their money. 

AMP chief executive Francesco De Ferrari speaks with ABC's Peter Ryan.

Wednesday, February 13, 2019

Consumer confidence rebounds; budget surplus could be buffered by surging iron ore price

Consumer sentiment has recovered most of its pre-Christmas dip despite gloom about economic headwinds. 

A rising iron ore price could add $9 billion to treasury coffers adding to projections for a budget surplus.

Peter Ryan explains

Tuesday, February 12, 2019

No silver bullet but catalyst for change - Industry Super chair Greg Combet backs Hayne recommendations


Industry Super Australia chairman Greg Combet says the Hayne Royal Commission final recommendations are not silver bullet but an important catalyst to deal with bad culture and misconduct in the banking sector. 

The former Labor minister says the regulators ASIC and APRA must be properly funded by any future government to pursue potential criminal prosecutions. 

Mr Combet tells ABC's Peter Ryan that a recommendation to shake up the mortgage broker industry has the potential to reduce competition in favour of the major banks.



Monday, February 11, 2019

Peter Costello to Ken Henry: stay away from NAB chief executive appointment

Future Fund chairman Peter Costello has slammed the transition process underway at the National Australia Bank and says outgoing chairman Ken Henry should not have a role in appointing a new chief executive to replace Andrew Thorburn. 

Mr Costello, a former Liberal Treasurer and chairman of Nine Entertainment, said it was appropriate that Mr Henry and Mr Thorburn were leaving but said Dr Henry should "go first" to allow a new chairman to make the decision.

Both Dr Henry and Mr Thorburn were forced to resign last Thursday after commissioner Kenneth Hayne said in the Royal Commission's final report he was not confident "that the lessons of the past had been learned". 

ABC's Peter Ryan says the Future Fund posted a 5.8 percent return in the year to December 31, 2018.