The revised Bill introduces a new category of credit reporting information, enabling hardship information to be reported alongside repayment history.
Among ASIC's concerns is the prevalence of conflicts of interest, whereby lead managers act for both the company and investing clients while holding direct interests and board seats in the company.
New Zealand's big four banks will have to increase capital to 18% of RWAs, and smaller banks to 16% of RWAs. Seven years will be given to implement the changes.
APRA, in a letter to the industry, has proposed plans for classifying all data collected from banks for its quarterly publications to be considered non-confidential and publishable.
The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.
The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA's CommInsure for hawking offences.
Investors were encouraged to roll superannuation monies into a self-managed super fund to invest - by way of a loan - in an unregistered scheme operated a former AMP adviser.
ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.
NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
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