FMA chief executive Rob Everett and RBNZ governor Adrian Orr have confirmed that all banks have committed to removing sales incentives for frontline staff and their managers.
The ABA's new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn't sign the financial abuse declaration form.
The new regime will require all New Zealand financial advisers to be licensed by the FMA, effective from June 2020.
The risk culture expert ASIC engaged to observe bank boardrooms says the approach of judging culture moralistically needs to shift to a more proactive approach that assesses risk.
ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank's fees for no service issue.
AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.
The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.
AUSTRAC has ordered 'buy-now, pay-later' service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.
The new framework will impose higher capital charges by applying higher risk weights on mortgage loans that are seen as more risky, especially interest-only or investor loans.
ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.