Australia & NZ

ASIC is considering over 40 enforcement cases, a number of which involve misconduct by large financial institutions, their employees or subsidiary companies.

Amid an ongoing ACCC probe into the big four auditing firms, a parliamentary committee is asking for a review of the audit market to explore conflicts of interest and market dominance issues.

The bill increases the maximum prison penalties ASIC can pursue to 15 years, and raises the caps on civil penalties for individuals and corporations.

KPMG's John Kensington says the proposal to raise bank capital requirements could stress the lending market. RBNZ's Adrian Orr defends the plan, but vows to remain "open-minded".

ASIC's existing guidance allows a tailored approach to applying responsible lending obligations, but licensees may be applying them where the law does not require it.

A former FX options and futures trader has received a 2-year suspended sentence for falsifying entries in Deutsche Bank's internal records.

APRA details the work already underway to implement the Recommendations and confirms it is examining the 12 matters referred by the Royal Commission.

A blanket ban on commissions as suggested by Kenneth Hayne would have a “devastating effect” on mortgage broking industry, says MFAA CEO Mike Felton.

ASIC says it is carefully monitoring developments and has been liaising closely with UK and Australian authorities to plan for potential Brexit-related impacts.

Commissioner Hayne said in his Final Report that NAB “stands apart” from the other major banks and questioned whether its senior leadership was capable of reforming the bank’s culture.