ASIC chairman Greg Medcraft has spoken out on calls for a royal commission into banks... Landlords urged to speak up in tenancy legislation review...
ASIC has the powers needed: Chairman
Australian Securities and Investments Commission chairman Greg Medcraft has spoken out on calls for a royal commission into banks, saying the regulator has the powers needed to fight bad corporate behaviour, the Australian Financial Review reports.
This comes after Prime Minister Malcolm Turnbull and Treasurer Scott Morrison recently hinted it may provide a resource boost for the regulator.
"We've already had a senate inquiry, we've had the Murray financial system inquiry, we have just had a capability review; there are some very good recommendations which have come out of the Murray inquiry in relation to powers, a product intervention power, reviewing the penalties, bringing in a user-pays funding model for ASIC, we think they are great and the government is looking at those," Medcraft said.
"We do have the power to request documents, to compel testimony, metadata access, undertake searches and most importantly the ability to charge people...so not only do we have the power to investigate we have the power to prosecute," Medcraft said.
Landlords urged to speak up in tenancy legislation review
As the Victorian government currently undertakes a review of its residential tenancy laws, the state’s peak real estate body has called on all stakeholders to be involved in the process to ensure that any new legislation does not lean too heavily one way or another.
The state government's Plan for Fairer, Safer Housing program includes a review of the Residential Tenancies Act 1997 (RTA), which involves submissions from those in the corner for both landlords and tenants.
Real Estate Institute of Victoria (REIV) spokesperson Paul Bird said there is the possibility of major changes to legislation as a result of the review.
“This review could result in changes to the Residential Tenancies Act that could have serious impacts for landlords and how they lease out properties and interact with tenants,” REIV spokesperson Paul Bird said.
“There are some areas that do need to be addressed, but it’s important the laws don’t lean too heavily either way in favour of tenants or landlords. That’s why we want as many people to make themselves heard as possible,” Bird said.
“We just work very hard; there’s no secret here,” she says. “Raymond and I, Monday to Friday, work 12–14 hours per day and sometimes Saturday. We’re serious about this business, and we make our clients’ interests our number-one priority.”
Canna Cao, ACA MOrtgage Solution NSW, Top 10 Independent Brokerages 2015
