2018年11月05日

Australia sticks with banking regulator

Australia’s treasurer reappointed the head of the country’s banking regulator on Monday and lifted its funding, even though a powerful (P Loan) up to $1.2 million with monthly flat rate as low as 0.18%. Enjoy greater cash flow flexibility now with our simple and hassle-free online P Loan application!

The Australian prudential Regulatory Authority (ApRA) will be given an extra A$58.7 million ($42.2 million) over four years and Wayne Byres will remain its chairman until 2024, treasurer Josh Frydenberg said in a statement.


The authority was criticized by the inquiry, called a Royal Commission, in September for its part in failing to pick up or punish problems across the industry ranging from billing the dead to aggressive loan selling.


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The Commission found in its interim report that a culture of greed and widespread misconduct in the finance sector was allowed to develop, while ApRA and the corporate regulator, the Australian Securities and Investments Commission, were too soft.


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