Enforcement

Enforcement

ASIC Bans Lending Model Found to Cause Consumer Detriment

By Editors | 13/09/2019

ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.

Enforcement

AFCA to Start Naming Financial Firms in October

By Editors | 13/09/2019

The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.

Enforcement

ASIC Issues Second Update on Response to Royal Commission

By Editors | 13/09/2019

Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.

Enforcement

AFCA Clarifies How it Will Assess Legacy Complaints

By Editors | 12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.

Enforcement

Japan Brokerage Sanctioned for Giving a Client Preferential Treatment

By Editors | 12/09/2019

A former baseball star and member of Japan’s Parliament was allowed to continue trading derivatives despite persistent margin shortfalls over about 9 months.

Enforcement

ASIC to Appeal Westpac Responsible Lending Case Dismissal

By Editors | 11/09/2019

ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.

Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

By Editors | 11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

AML / KYC

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

By Editors | 11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Enforcement

Tribunal Overturns SEBI Order Banning PwC from Auditing

By Editors | 10/09/2019

The Securities Appellate Tribunal cited a lack of evidence against PwC, and said SEBI had no jurisdiction to impose the ban in the first place.