The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.
ASIC plans to take "significant enforcement action" against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.
ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.
The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks' self-assessments.
Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC's proposed first use of its new product intervention power.
The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.
Licence applicants are now required to provide certain additional information and documents in their application to allow ASIC to ensure responsible officers are of good fame or character.
A new white paper from NPP Australia provides an overview of developments in other real-time payments markets, including opportunities and challenges for the payments sector.
Under APRA's new serviceability guidance, borrowers on a typical 4% mortgage rate can expect to be assessed at 6.25% rather than 7.25%, enabling them to immediately secure larger loans.