Some Australian pension funds may be derelict in duty, inquiry hears

By Paulina Duran SYDNEY, Aug 17 : Some of the firms that manage funds within Australia’s A$2.6 trillion ($1.9 billion) pension system may not be complying with their legal duty to put the interests of customers ahead of their own, a powerful inquiry into financial misconduct heard. Over the past two weeks, the Royal Commission […]

Australian regulator defends light touch at banking inquiry

By Paulina Duran SYDNEY, Aug 17 : An Australian regulator defended its “behind-the-scenes” approach to dealing with breaches by large institutions in the A$2.6 trillion ($1.9 trillion) pension system, telling an inquiry on Friday it was to limit damage to fund members. Under questioning at a quasi-judicial inquiry into financial-sector wrongdoing, Helen Rowell, the deputy […]

Inspired by #MeToo, Australia launches inquiry into workplace sexual harassment

By Nicholas Ford SYDNEY, June 20 : Australia launched an independent inquiry on Wednesday into workplace sexual harassment, one of the first of its kind in the world, hoping to find solutions to problems brought to light by the global #MeToo movement. The Australian Human Rights Commission (AHRC) said the inquiry was prompted by the […]

Australia’s CBA in widespread insurance mis-selling, inquiry finds

By Jonathan Barrett SYDNEY, Mar 19 : Commonwealth Bank of Australia sold credit card insurance to about 64,000 customers who were not eligible to claim against it, including students and pensioners, an inquiry into Australia’s financial sector heard on Monday. The evidence of widespread mis-selling also extended to loan protection products for personal and home […]

Bank lending in spotlight as Australian inquiry begins

By Jonathan Barrett and Paulina Duran SYDNEY, Feb 12 : A government-backed inquiry into Australia’s finance sector on Monday said it will start its year-long investigation by scrutinising the selling tactics of banks’ most lucrative products – mortgages. The Royal Commission inquiry heard on its opening day that almost half of the over 385 public […]

UK to hold inquiry into London tower block fire as death toll rises to 17

By Alistair Smout and Michael Holden LONDON, Jun 16 : British Prime Minister Theresa May yesterday promised a public inquiry into a fire that gutted a 24-storey apartment block killing at least 17 people, as the government faced questions about how such a devastating blaze could have occurred. Smoke was still wafting out of the […]