Australia & NZ

Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement with NAB.

The move comes after hundreds of vulnerable debtors who have had their homes put at risk in bankruptcy court this year over relatively small debts.

The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.

APRA intends to adopt BCBS revisions to the leverage ratio standard and disclosure requirements, and allow IRB ADIs to adopt modified SA-CCR early for public disclosure.

Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.

The heatmap is designed to emphasise underperformance, not to be used as a peer ranking mechanism or give a pat on the back to better-performing superannuation products.

APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.

According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.