Australia FSC Forms Expert Group on ‘Digital Advice’

13/05/2024

The expert group will support financial advice reforms and the development and growth of the digital advice sector.

AFCA, CSLR Set Out Arrangements for “Collaborative Relationship”

10/05/2024

AFCA signed an MoU with CSLR Ltd, the authorised operator of the new Compensation Scheme of Last Resort.

Advice Fee Deducted from Super Funds are Too High: ASIC

09/05/2024

ASIC says trustees need to improve their oversight of advice fee deductions from super fund accounts.

Enforcement

ASIC Fines JP Morgan Unit for Failure to Detect Suspicious Trades

09/05/2024

The case highlights that market participants “cannot solely rely on automated trade monitoring systems” to detect potential misconduct.

Fintech / Regtech

HKMA to Relabel ‘Virtual Banks’ as ‘Licensed Digital Banks’

09/05/2024

The proposal is aimed at addressing negative connotations associated with the term “virtual bank” in Chinese.

Enforcement

BNM Fines 14 Banks Over Erroneous Statistical Submissions

09/05/2024

The reporting failures were caused by unresolved technical issues and inadequate operating procedures.

Enforcement

ASIC Warns Against “Unscrupulous” Cold Calling Conduct

08/05/2024

ASIC is concerned about the use of high-pressure sales tactics to induce inappropriate superannuation switching.

Fintech / Regtech

HKMA Forms New Architecture Community for Project Ensemble

08/05/2024

The Community will develop standards to support interoperability among wCBDC, tokenised money and tokenised assets.

Enforcement

BNM Publishes Document Detailing its Enforcement Approach

07/05/2024

BNM says increased transparency should “foster confidence” in its role as a regulator and supervisor.