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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  AMP Limited    AMP   AU000000AMP6

AMP LIMITED

(AMP)
  Report
End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 01/24
1.86 AUD   +0.54%
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Australian banking inquiry recommends new watchdog for regulators

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02/04/2019 | 01:26am EST

Australia's corporate and prudential regulators must undergo regular, rigorous assessments under an independent oversight body, a powerful review of the country's banking sector recommended in its long-anticipated final report on Monday.

The move, aimed at strengthening the accountability of the country's two main regulators, comes after the year-long review found many instances of lax oversight or inadequate responses to poor conduct by financial services providers.

In the 496-page document, Commissioner Kenneth Hayne said the new body, independent of the government, will have sweeping powers to conduct inspections of either regulator at will, issue notices to them to produce documents and deliver regular reviews.

The recommendation will still need to be approved by parliament, although Australia's coalition government on Monday pledged to take action on all 76 recommendations made in the final report.

"The current framework is heavily focussed on governance and financial accountability," Hayne said.

"None of the existing processes requires regular and systematic review of how well either regulator discharges its statutory functions or exercises its statutory powers."

The Australian Securities and Investments Commission (ASIC) is the corporate watchdog in charge of non-bank entities such as wealth managers and financial advisers whereas the Australian Prudential Regulatory Authority (APRA) looks after the banking sector.

"Given the importance and size of ASIC's remit, I have come to the view that a permanent oversight body is now required," Hayne noted.

"Similarly, the significance of APRA's work to the strength of Australia's financial system and the interconnectedness of its work with that of ASIC... mean that it too should be subject to more consistent and rigorous assessment."

Hayne is in favour of the current "twin peaks" regulatory model but still insisted on the need for the new oversight body, which will be required to prepare a comprehensive assessment at least biennially.

The body could also prepare specific reports on an ad hoc basis if it considers that necessary, Hayne noted.

Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 0.54% 1.86 End-of-day quote.-3.39%
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.58% 25.9 End-of-day quote.4.55%
COMMONWEALTH BANK OF AUSTRALIA 0.50% 84.94 End-of-day quote.5.78%
IOOF HOLDINGS LTD 1.36% 8.19 End-of-day quote.2.80%
NATIONAL AUSTRALIA BANK LIMITED 0.43% 25.8 End-of-day quote.4.30%
WESTPAC BANKING CORPORATION 0.52% 25.21 End-of-day quote.3.51%
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Financials (AUD)
Sales 2019 511 M
EBIT 2019 648 M
Net income 2019 -2 236 M
Debt 2019 18 240 M
Yield 2019 0,82%
P/E ratio 2019 -2,60x
P/E ratio 2020 81,0x
EV / Sales2019 48,2x
EV / Sales2020 56,6x
Capitalization 6 357 M
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Technical analysis trends AMP LIMITED
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 1,72  AUD
Last Close Price 1,86  AUD
Spread / Highest target 7,53%
Spread / Average Target -7,38%
Spread / Lowest Target -30,1%
EPS Revisions
Managers
NameTitle
Francesco de Ferrari Chief Executive Officer & Executive Director
David Victor Murray Independent Non-Executive Chairman
Craig Ryman Chief Operating Officer
John Patrick Moorhead Group Chief Financial Officer
Trevor John Matthews Independent Non-Executive Director
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