Listen to the boss' son:
(yes, it's a stage name)







Log In | Subscribe | | |

A financial adviser has closed its "artificial intelligence" driven advisory system. The quality of advice and the supervision of the system were both causes for concern by the regulator in a landmark case about the deployment of computer-driven, what used to be called "expert", systems with implications across the entire spectrum of financial and other services including customer due diligence in relation to financial crime risk management. It's a potential game-changer for the rapid rise of lightly regulated fintechs.

BIScom Subsection: 

Both UK Prime Minister Boris Johnson and EU President Junker have announced that a revised deal has been done for the UK to withdraw from the European Union. But both accept that it's not a done deal. Junker has to go back to the European Commission and its 27 members some of whom are resistant to the principle of "Brexit." Johnson has to go back to the House of Commons where several party leaders are, in effect, filibustering to defeat the withdrawal on any terms. And in Brussels, in the EU Parliament, which also has to sign off on the deal, the UK's Brexit Party's leader, Nigel Farage, has already said he doesn't approve of it.

The Basel Institute on Governance has had an interesting idea. Is it more than a pipedream?

It takes a special kind of b***s to continuously break one of the most widely known business laws in Australia and to keep doing it for months. Worse, when it stopped breaking it, it didn't tell anyone it was doing so and to its customers continued to act as if it was in force. What is it? Resale Price Maintenance (yes, the very thing that kept Amazon out of Aus for so long because book publishers were exempted from the law).

CoNet Section: 

A notice published on the website of Standard Chartered Bank, Malaysia, says that moneys that have until now been covered by the Central Bank's deposit guarantee scheme are no longer so covered. Especially surprising is the formal distinguishing between Mainland and Labuan bank accounts.

BIScom Subsection: 

The Law Society of England and Wales has issued a notice criticising the policy of "release under investigation" which sees suspects in criminal cases released free of conditions. Not only is it not working, it's proving dangerous, says LawSoc.

CoNet Section: 

It's said that it's impossible to overtake at the Suzuka race circuit but it's not true. There have been winners from way, way down the field. One of the last old-fashioned racing circuits where Formula One still races, this weekend has shown something fascinating: no matter what technical rules are imposed, no matter what generation of drivers is involved - it's tracks like the Honda's Twin Ring Motagi circuits that actually deliver great racing.

CoNet Section: 

Sometimes the twittersphere comes up with a stroke of genius. And it's often when someone thinks up something that allows others to be imaginative and, ideally, a little bit silly. The hashtag "makeahorrorfilmlessscary" is one such and here are five of those that made us laugh.

It's an own goal, an unforced error, an unintended consequence. Those who have pressed for what they have termed (and forced everyone else to term) "gender equality" have ended up with previously taboo and sometimes illegal matters being pushed front and centre.

CoNet Section: 

The Takata airbag scandal raises important questions for insurers in this and other cases of recall. And how Big Data can be used for good.

BIScom Subsection: 

The global airbag scandal involving TAKATA airbags just won't go away. In Australia, BMW, GM Holden, Honda, Mitsubishi and Toyota have been trying to contact some 20,000 car owners to replace the defective equipment but have had no response. Now the government has stepped in. "do not drive these cars at all," it says.

Using the trendy but woefully inaccurate term "oversight" when it means supervision ( see why here), ASIC "urges companies to apply a greater focus and sense of urgency to the oversight and management of non-financial risk..particularly compliance risk. Boards cannot afford to ignore the oversight of non-financial risks." The thing is that ASIC's findings show a failure of awareness of the legal position of directors in Australian companies.

CoNet Section: 

Case Summary: 

A man has been jailed for almost six years more than six years after a persistent fraud targeted home owners who were at risk of repossession.

Type of conduct: 
Consumer fraud




Amazon ads

| |