In this episode of the Daily Financial Services News Wrap, ASIC unveils a transparency initiative via consultation paper CP 383, aiming to hold financial licensees who've made breaches accountable. The Australian Bureau of Statistics reports concerning decreases in consumption and disposable income per capita, leading to potential negative ramifications on domestic demand and business profitability. CPA Australia and Chartered Accountants ANZ appeal for standardized regulatory approaches between the Australian Taxation Office and Australia's Prudential Regulation Authority on pension regulations. Finally, ASIC takes Hollard Insurance to Federal Court, accusing it of breaching the duty of utmost good faith for mishandling a 2021 storm damage claim. Find these topics and more recent developments in the financial services sector at Financial Services Online's website.
