• Victorian government to introduce a gender equality Bill by the end of the year?

• Pay consequences announced: Woolworths Chair and CEO 'acknowledge leadership responsibility' for payment shortfalls

• Recent AGM results: Harvey Norman, Aurelia Metals 

• Top Story | 1 December 2019 changes to the ASX Listing Rules – Final

• APRA Chair Wayne Byres' opening statement before the parliamentary committee on economics released
• Toxic revenue: In a speech entitled — Consumer outcomes: A truth universally acknowledged — ASIC Deputy Chair Karen Chester spoke about the consequences of the failure to put consumers first (including large remediation costs) and the need to 'restore the balance' between consumer's personal responsibility and firm's responsibility. This rebalancing of responsibility is necessary, she said if firms are to 'arrest freefall beyond the $10 billion remediation provisioning tally' and if boards are 'to have confidence that they are managing non-financial risk. Or more simply, they are generating sustainable revenues and shareholder turns. And not toxic and unsustainable ones'

• In Brief | The Council of Financial Regulators has announced its seven work priorities for the coming year. Among them is facilitating the smooth transition to a low-carbon and climate-resilient economy. This initiative will be led by the RBNZ
• In Brief | The British Academy has released a report setting out eight 'principles for purposeful business' for policymakers and business leaders. Principle 1 states that corporate law should 'place purpose at the heart of the corporation and require directors to state their purposes and demonstrate commitment to them'. Principle 4 states that 'corporate governance should align managerial interests with companies' purposes and establish accountability to a range of stakeholders through appropriate board structures'

Financial Services Royal Commission implementation 

• Top Story | ALRC suggests review of financial services regulation
• Top Story | 5 out of six?  A status update on the government's progress toward its goal of legislating six Financial Services Royal Commission Recommendations by the end of 2019
• Legislation to implement FSRC recommendations 1.2, 1.3, 4.2, 4.7 introduced
• Stronger powers for ASIC? Legislating the government's 'additional commitments', as outlined in the Financial Services Royal Commission implementation roadmap
• Consultation on legislation to implement FSRC recommendation 4.8 (make insurance claims handling a financial service)
• Implementing FSRC recommendation 6.10: Updated MoU between ASIC and APRA, separately the Treasurer has said the government is preparing draft legislation to give effect to recommendation 6.9 

Other Developments

• Top Story | MinterEllison's M&A Outlook: Australian Financial Services Towards 2030
• Stop Press | Following consultation, ASIC has announced a ban on unfair cold call sales of direct life insurance and consumer credit insurance.  The ban will take effect from 13 January 2020.  ASIC says of the 15 non-confidential responses to the consultation on the ban, no responses opposed it.  ASIC has also updated Regulatory Guide 38 The hawking provisions to reflect the ban
• CommInsure was fined $700,000 after pleading guilty to 87 counts of 'hawking' insurance products. ASIC points out that if the conduct were to occur under the new penalty regime, the maximum penalty would be $10,962,000
• The government's payday loans Bill has been introduced into the senate (by Labor and Centre Alliance Senators), CALC has called on the government to support the Bill
• 'Generally appropriate' but room to improve: ASIC report 639 has found that less than 50% of personal financial advice by superannuation funds demonstrated full compliance with the best interests duty and related obligations, though members were at risk of suffering financial/non-financial detriment in only 15% of cases 
• Steeper premiums and fewer benefits? APRA has launched what it describes as 'an intervention' into the life insurance market in response to 'ongoing heavy losses' in respect of individual disability income insurance (IDII) 
• APRA is consulting on a proposed new capital framework for private health insurance
• Taking steps towards establishing a consumer advocacy body for superannuation in line with the Productivity Commission's recommendation
• Westpac has provided updated on actions being taken in response to the AUSTRAC allegations
• No issues to report: ANZ is reviewing AML/CTF systems/processes and has uncovered no issues to date, the lender also confirmed it is not aware of any impending litigation by AUSTRAC
• ASIC has released updated RG 97 on fees and costs disclosure for issuers of superannuation and managed investment products
• ASIC report has identified widespread non-compliance with fee disclosure obligations
• Bill to enable employees under workplace determinations/enterprise agreements to choose their superannuation fund introduced: Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
• Combatting elder financial abuse: The ABA has welcomed the decision by the Council of Attorney's General to create a national Power of Attorney register 
• Guidance to help minimise non-financial risk: The BCCC has released guidance on complying with the Banking Code of Practice obligation to engage with customers in a 'fair, reasonable and ethical manner' and separately has released two reports raising concerns about Code compliance
• Updated superannuation guidance released: APRA has released revised guidance on the business outcomes review and the legislated outcomes assessment 
• In Brief | Super merger announced:  Industry superannuation funds MTAA Super and Tasplan have reportedly finalised an unconditional agreement to merge on 1 October 2020.  Reportedly, the merger will create a combined national superannuation fund with more than $23 billion funds under management and approximately 335,000 members
• In Brief | Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 — the Bill proposing to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non-compliance — has progressed to second reading stage in the Senate
• In Brief | The Australian Banking Association Council has appointed CBA CEO Matt Comyn as Chair, and Managing Director of Bendigo and Adelaide Bank Marnie Baker as Deputy Chair, at its Annual General Meeting

• Top Story | DPA scheme? Combatting Corporate Crime Bill introduced (again)…