Australia & NZ

Asset Managers Do Not Pose Systemic Risk, Says Medcraft

Australian Securities and Investments Commission chairman Greg Medcraft dismisses concerns that large asset managers pose a systematic risk to the financial system.

Aussie Banks Test Digital Currency Ripple as New Payments Technology

ANZ Bank and Westpac have joined Commonwealth Bank in testing new payments technology from US-based group Ripple Labs, representing a possible transformation of the payments industry.

Banks Face Tougher Penalties for Offering Incentives to Win Super Fund Business

Banks and industry super funds will face tougher penalties for luring clients into default superannuation funds with incentives.

New Zealand and Myanmar to join AIIB

New Zealand and Myanmar will be members of the Asian Infrastructure Investment Bank, slated to begin operations later this year.

RBNZ Proposes Tightening Mortgage Lending

Super Funds Need More Independent Directors

Investment consultancy firm Mercer has published a report recommending that superannuation fund boards in Australia be required to appoint a greater proportion of independent directors.

Australian Regulators to Investigate Excessive Credit Card Rates at Banks

Financial regulators are expected to investigate the record gap between the Reserve Bank of Australia (RBA) official interest rate and credit card rates.

ASIC Proposes Register of “Bad Apple” Stockbrokers

In an effort to protect investors and boost consumer confidence, ASIC is pushing to create a register which would list stockbrokers’ disciplinary records.

Australia’s Top Regulators Put Banking Culture and Incentives in the Firing Line

APRA chairman said banks must lift their efforts to ensure remuneration plans encourage ethical behaviour.

Steps to Cool Property Market Having Positive but Modest Effect, reports RBA

The Reserve Bank of Australia has reported that its measures to cool investment lending in housing seem to be working.