ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.
APRA has released two topic papers addressing the most urgent gaps in its data collection, particularly for choice products and investment options.
The government will progress a number of key 'in-principle' decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.
The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.
APRA has extended the exemption for government-related entities to connecting counterparties involving economic interdependence and control relationships.
In a new report, ASIC highlights its observations of good and poor practices used by participants operating in the wholesale foreign exchange market.
From April 2021, design and distribution obligations will require issuers to focus on meeting consumer needs when designing, marketing and distributing financial products.
Under the new timeline, consumers can direct the major banks to share credit and debit card, deposit and transaction data from July 2020, and mortgage and personal loan data from November 2020.
In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank's adviser.
The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.
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