Commonwealth Bank, Westpac, National Australia Bank and ANZ together have 80% market share.
APRA test hypothesises -4% GDP, 13% rise in unemployment, 40% drop in house prices.
Think tank says Australian GDP would take only 0.01ppt hit from 100bp hike in capital requirement.
More than 70% of firms authorised to sell retail OTC derivatives said failing to meet requirements.
Conclusion based on surveillance assessments and engagement with HK, Singapore regulators.
Regulator says financial adviser breached ‘best interests duty’ in selling life risk insurance.
Regulator proposes six-month licensing exemption, modified organisational competence requirements.
Securities regulator accuses NAB of ‘unconscionable conduct and market manipulation’.
Managed trusts can change constitutions without holding members’ meetings.
Surcharges exceeding merchant costs to be barred on some payment systems.
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