Australia & NZ

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.

The guidance explains the obligations of company auditors and company officers under the whistleblower protection provisions under the Corporations Act.

The revised timetable accounts for Covid-19 related disruptions, accommodates functionality changes, and provides more time to ensure user readiness.

Financial advisers will have to disclose to clients details about fees, the range of products they advise on, conflicts of interest and commissions they may earn.

The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.

The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

Superannuation licensees will have to report monthly and quarterly data covering areas such as complaints, insurance claims, operational resilience, FX exposure, and liquidity.

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.