Australia & NZ

Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.

ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.

Deputy Chair John Lonsdale expects many banks will require an uplift in capabilities, processes and oversight to meet APRA's expectations.

Firms should "tell the story" of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.

APRA will also allow banks to treat loans restructured by 31 March 2021 as 'performing' for capital and regulatory reporting purposes.

Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC's market integrity rules.

APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.

The guidance explains the obligations of company auditors and company officers under the whistleblower protection provisions under the Corporations Act.