Banking Royal Commission

Discussion in 'Four Corners' started by The Vaulting Violinist, Feb 13, 2018.

  1. Bandwagon

    Bandwagon Moderator Staff Member

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    Sure, why bother with the comment on capital requirements?



    Cool, so now we can agree that's ASIC's responsibility. In other words they are the regulator in that space no?

    Or do you wish to argue that point?

    They don't however it's not really "the banking Royal Commission" is it.

    If in doubt, you can check the link below.

    https://financialservices.royalcommission.gov.au/Pages/default.aspx


    Ha ha ha , James, you might well "know this stuff", but in my favour, I'm well aware of what a partisan hack you are.

    So I'm all good here mate, fire away.
     
    Last edited: May 14, 2018
  2. Jimbo

    Jimbo Immortal

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    As a reference to APRA's enforcement powers as the regulator of banks

    I agree that ASIC are the regulator of AFS licences

    I don't see how that supports your postulate that AFS licences authorise banking

    According to your link it's a Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

    Two industries regulated by APRA and one by ASIC

    Name calling does not enhance your argument bandy

    Especially when your own partisan hackery is leading you to appear quite foolish as a result of parroting Shorten's rather misleading soundbites
     
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  3. Bandwagon

    Bandwagon Moderator Staff Member

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    Are you suggesting here that capital requirements are a punitive measure?

    Edit: This is immaterial given the RC is not required to investigate matters of marco-prudential policy and regulation



    And licencees.

    Well, fortunately I didn't make that claim now did I. In fact I'm on record many pages back noting that APRA is the regulatory authority for banking, not ASIC, it's just that banking isn't the banks only line of business, and it just so happens that to date it's been their financial services business' that have been coming under the greater scrutiny.

    Which as we have established, is indeed ASIC's realm


    Correct.

    Ahh, so ASIC is a regulator here, glad we've overcome that hurdle.



    You call it name calling, I call it stating well established facts.

    Yeah, nah, bad luck James.

    Perhaps James you could quote Shortens comment that you find misleading, and we can discuss that. Rather than the blanket statement regards the roles of ASIC and APRA which we have established now was well, er , misleading?
     
    Last edited: May 14, 2018
  4. Jimbo

    Jimbo Immortal

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    In this case, most certainly

    Do you not see the obvious disadvantage of having to squirrel away a billion dollars more than your competitors?

    Well obviously

    You had a hissy fit when I pointed out that APRA regulate banks

    I know

    A regulator of financial services

    Not a regulator of banks or superannuation trustees

    No, it's name calling

    https://www.aph.gov.au/Parliamentar...7aa916e-a0c1-4a4b-a23b-98660dd7d5e3/&sid=0000
     
  5. Bandwagon

    Bandwagon Moderator Staff Member

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    Of course it is, is that what occurred though? Or is that being overly simplistic?




    Please quote the post wherein I had a hissy fit



    Yeah, nah, superannuation trustees hold AFS Licences no?

    Oh, and would you consider BBSW a banking thing or a financial services thing?



    Meh, potato, potaato


    Seems accurate, what is not true? .
     
  6. cerberus

    cerberus First Grade

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    your original cheap shot at bill was for him mentioning asic .
    asic is the corporate regulator which you have conceded and would have a say in criminal activity of the banks .
     
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  7. Jimbo

    Jimbo Immortal

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    Yeah, it occurred

    I've even used a source you would find agreeable

    http://www.abc.net.au/news/2018-05-...aside-a-billion-dollars-extra-by-apra/9713646

    Unless it's CBA getting hit up for a billion dollars by the actual banking regulator...

    Some more light reading for you

    http://apra.gov.au/Super/Pages/superannuation-licensing.aspx

    I'd consider it an index thing based on banking things

    Not sure where you thought you were going with that...

    Perhaps you should call the whole thing off

    APRA are the banks' cop on the beat. And anyone who has dealt with them will tell you they are tougher than ASIC
     
  8. Jimbo

    Jimbo Immortal

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    See above

    If ASIC also want to have a crack at them for breaches of the Corporations Act they are of course more than welcome
     
  9. Bandwagon

    Bandwagon Moderator Staff Member

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    So it's a little different from how you said, it's not a permanent imposition, seems to me it's acting more as bond in order hold them to their word.




    No ones disputing APRA are the banking regulator James, As i pointed out, I posted as such earlier in the thread.

    Mind you, CBA aren't getting hit up for a billion, they are being required to hold that billion until they make good on their word. ( even though they've been given an enforceable undertaking )




    Some for you.

    http://asic.gov.au/for-finance-prof...processes-work-together/#both-rse-afs-licence



    Well, when the banks manipulated that index thing based on banking things, which agency prosecuted the case thing?

    Could this be yet another example of how the roles of ASIC and APRA as regulators overlap in the banking industry?



    So what? As stated, and evidenced by what has been posted here in this thread, much of the issues thus far addressed by the RC have been the role of ASIC to police, whether my dad is tougher than your dad is immaterial.
     
  10. Bandwagon

    Bandwagon Moderator Staff Member

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  11. Jimbo

    Jimbo Immortal

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    Sure bandy. Having a billion dollars less to invest will have no effect on them whatsoever

    See above

    By the way, it was CBA who offered the enforceable undertaking. APRA accepted it

    I already knew that RSEs are licensed by APRA bandy

    Why did you provide a link which supports my position?

    Of course

    If you had read your link telling me what I already know though, you would have noticed where it says that ASIC focuses on market integrity, which was the key issue

    Don't think that APRA won't also be sniffing around once ASIC are done

    Well, no

    ASIC themselves will tell you that APRA's prudential standards are tougher, because they tend to focus more on the fitness and propriety of market participants as opposed to the markets themselves
     
  12. Jimbo

    Jimbo Immortal

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  13. Bandwagon

    Bandwagon Moderator Staff Member

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    I haven't claimed it doesn't, I have pointed out that which you seemingly avoided.

    So you are aware that part ASIC's remit involves regulation of the Superannuation and banking industries.

    Awesome

    Again, so what, the point being made is they have a regulatory role within the industry, which relates directly to the issues brought forward at the RC.

    I note with interest though you left out "consumer protection" as a key focus of ASIC's licencing role, now why is that mate?

    Again, so what?

    A great majority of the issues dealt with thus far by the RC, well, at least those getting the most press, have been to do with financial services arms of the banks, hence the criticism regards the reduced funding of ASIC, as that is their responsibility.
     
    Last edited: May 15, 2018
  14. Bandwagon

    Bandwagon Moderator Staff Member

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    No mate, again that's not claim I've made. No matter how many times you attempt to infer it was. You're welcome to point out where I have if you disagree.

    However, as we can see, your inference that asic are limited to policing the corporations act, is clearly wrong.
     
  15. Bandwagon

    Bandwagon Moderator Staff Member

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    Anyways, @Jimbo, here's the post earlier in the thread where I very clearly acknowledge that banking regulation is not ASIC's problem, it;s APRA's

    I trust that will serve to avoid having to deny claims you attribute to me, that I have not made.
     
  16. myrrh ken

    myrrh ken Bench

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    Are you referring to Bill's budget reply?

    "The banking royal commission has lifted the lid at long last on a pathology of exploitation and after years of trying to stop the royal commission, in this budget the prime minister is giving the big four banks $17bn of taxpayer money."

    β€œIt’s cutting money from Asic – its tough cop on the beat. This is a disgrace. It is immoral. And Labor will have no part of your actions.”

    He was talking about it in the context of ASIC funding cuts. Yes ASIC looks at banks.

    I would say ASIC are more successful, if not only in appearance, of prosecuting banks. Hence the term "tough cop".

    But keep those panties twisted on pedantry if you prefer.
     
  17. cerberus

    cerberus First Grade

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    jimmy , you slagged shorten for inferring that asic had no ability to discipline the banks..
    no more tears jimmy . just be honest
     
  18. Jimbo

    Jimbo Immortal

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    That's not a claim I have made...
     
  19. Jimbo

    Jimbo Immortal

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    Great

    So why were you so offended when I said that banking regulation is not ASIC's problem, but APRA's?
     
  20. Bandwagon

    Bandwagon Moderator Staff Member

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    I'm not offended at all James, and that wasn't the point at any rate.

    As much as you tried to make out it was once you realised your original point was lost.
     

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