Australia & NZ

Westpac CEO Peter King says the bank is already seeing culture improvements and benefits through reduced complexity and improved accountability.

APRA has defined certain credit measures it can take to address systemic risks if needed, such as temporary lending limits and minimum lending standards.

The draft bill will introduce tougher penalties and enforcement powers to enable the OAIC to resolve matters more effectively and efficiently.

The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.

Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.

Prosecutors have decided to abandon the case against ANZ after being asked to refile their indictment a third time. The cases against Deutsche Bank and Citi will proceed.

Financial advisers providing personal advice to retail clients have to register with ASIC by 1 January 2023. ASIC will also administer the financial adviser exam.

Major banks can enable data sharing for corporate customers and business partnerships. Non-major banks face enforcement action for non-compliance with their data sharing obligations.

Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.

CBA will offer customers the ability to buy, sell and hold crypto assets directly through its ‘CommBank’ app, which is currently used by close to six million customers.