Australia & NZ

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

The syndicate's ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA's Helen Rowell.

APRA will modify its capital management guidance next week to account for a 'longer-term outlook', chairman Wayne Byres said.

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.