This presentation, by Justice Ashley Black, considers wider implications of misconduct in the Australia's banking and financial services industries, highlighted by a recent Royal Commission. The Royal Commission identified issues including widespread charges for services that were not provided, continuing conflicts of interest affecting financial advisers and an insufficient focus on conduct risks, and recommended a range of further reforms to the Australian regulatory regime and to enforcement approaches.
Why might this matter to a wider audience? Because the Australian regulatory regime contained many features consistent with international best practice and with regulatory regimes in the United Kingdom and the European Union, and Australia's financial services regulators had already focussed on misconduct risks, particularly for retail investors. Why did a sophisticated regulatory regime fail to deliver its intended results? Will the proposed reforms deliver a better outcome?
Ashley Black is a Judge of the Supreme Court of New South Wales (Australia), an Adjunct Professor at the University of Sydney and joint author of Securities and Financial Services Law (9th ed, 2016) and Austin & Black’s Annotations to the Corporations Act.
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