Australia & NZ

APRA plans to release its first Choice Product Heatmap in late 2021, following from its launch of the MySuper Product Heatmap in December 2019.

ASIC identified a "clear failure" to identify investment switching by directors and executives of superannuation trustees as a source of potential conflict.

Some banks, such as Westpac, have already begun to implement practices within the guideline. Others will roll out the practices over the next 12 months.

Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.

The regime will cap interchange fees on designated payment networks, starting with Mastercard and Visa's credit and debit card networks.

ADIs have until 31 July 2022 to develop tactical solutions to implement zero and negative market interest rates and cash rate.

De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

APRA has concluded three thematic reviews into core operational areas for super funds. Trustees are asked to draw from the findings to improve their operations.

ASIC says it has introduced a new ‘crypto-asset’ category in the licensing application for responsible entities.

The prudential standard for IRRBB will now take effect from 1 January 2024. The FRTB and CVA risk frameworks will take effect from 1 January 2025.