Title page
Contents
Chair's foreword 3
Membership of the Committee 7
Terms of reference 8
Abbreviations 9
1. Introduction 10
Background 10
Scope and conduct of the review 12
2. Current Issues in Financial Systems Regulation 13
Overview 13
Restoring trust in financial services 13
ASIC's performance and lessons learnt 14
Recent measures to strengthen ASIC 17
Conflicts of interest in the financial sector 19
Mortgage broker commissions 22
Grandfathered commissions 24
Professionalism and culture 24
Consumer redress 27
Surveillance and enforcement 28
Fees for no service 28
Other cases 30
Poor response of insurers to disaster events 31
ASIC funding 33
Payments to charities 35
Conclusion 36
Appendix A. Hearing and witnesses 38
Table 2.1 Summary of ASIC revenue, appropriations and expenses, 2016-17 34