Australia & NZ

The LCR and NSFR are operating effectively, but there are potential improvements that could be made to improve efficiency, APRA says.

ASIC is now considering using its broader product intervention powers to address consumer detriment in continuing credit contracts.

Banks, insurers and non-bank deposit takers will be required to obtain a conduct licence from the FMA, on top of their prudential licences from the RBNZ.

The SME-focused Judo Bank is the only neobank in Australia which continues to run independently after listing on the ASX last year.

The new Life Code takes effect on 1 July 2023, providing the industry with twelve months to transition and make the necessary systems changes.

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

The communication strategies of some trustees may have risked confusing or misleading members about their product’s performance, ASIC said.

To register a CCIV and initial sub-fund, a corporate director would first need to obtain an AFS licence, which can be a variation of an existing licence.

New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.