Australia & NZ

Since the product intervention order took effect in March 2021, ASIC has observed few losses, margin close-outs, and negative balance occurrences affecting retail client.

Without endorsing any AML/CTF adviser, AUSTRAC says it recognises the benefits and efficiencies that can be gained by firms from engaging third party consultants.

APRA will not be introducing new regulatory requirements for FIs or attempting to hinder innovation. Rather, it will be asking them to closely assess and monitor new operational risks.

On top of a A$20mn penalty, BT Funds Management will pay A$9.8mn in remediation to over 9.900 superannuation members.

On the whole, assets in small and medium sized super funds are declining. Large super funds can more easily spread their costs over a wider membership base.

ASX is seeking views on two alternative bases proposed for conducting a scale-back on security purchase plans, and proposes new disclosure requirements for material placements.

ASIC has charged Helio Lending for falsely representing that it had a credit licence that allowed it to offer cryptocurrency-backed loans.

APRA says it has made changes to better meet data needs, simplify reporting requirements, and reduce the need for future data collections and ad hoc requests.

The guidance is for superannuation trustees, asset managers investing superannuation capital, and asset managers operating managed schemes with super funds as investors.

Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.