Australia & NZ

The RBA's Christopher Kent urges market participants to continue preparing for the end of LIBOR by moving to alternative RFRs and adopting more robust fall-back provisions in contracts.

The consultation follows the government's recent expansion of AFCA’s remit allowing it to handle legacy complaints dating back to 1 January 2008.

The Treasury is proposing legislative amendments to make industry codes of conduct legally enforceable, where contraventions will constitute a breach of the law.

Policies at banks are on track to be fully consistent with the staff pay reform recommendations well in advance of 2020, says former public service commissioner Stephen Sedgwick.

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

Financial stability could be put at risk from the physical impact of climate change and "an abrupt disorderly transition" to a low-carbon economy.

Following strong industry backlash, the Australian government has decided not to prohibit trail commissions for mortgage brokers, and instead conduct a review into the issue in 3 years.

ASX is consulting on new disaster recovery, business continuity and cyber resilience requirements for clearing and settlement participants.

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Australia's four months old 'one stop shop' for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.