Australia & NZ

The draft rules provide detail and guidance as to how the Consumer Data Right will work in the banking sector starting in July this year.

Fitch Ratings says its assessment of New Zealand's largest banks could change if capital requirements become so onerous as to cause their Australian parents to divest.

ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.

APRA and ASIC will get more than A$550mn in funding to enhance their effectiveness in addressing financial sector misconduct.

The proposed rules set out the matters that must be considered in determining if a person is "fit and proper" to own 20% or more in an ADI, life insurer or general insurer.

APRA says in its initial implementation plan that entities must start ensuring their readiness for the new system now, as there is only a one year timeline for implementation.

New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities' AML/CFT programmes, risk assessments and customer due diligence.

Overseen by APRA, a group of industry players – including the big four banks – are looking to reshape the financial system to ensure readiness for climate risks.

Australian regulators are trying to force an estimated 100 small and poor performing super funds out of the system using criteria devised by the Productivity Commission.

ASIC reportedly plans to force banks to explain why they aren't using the latest technology to improve regulatory compliance, including systems offered by regtech startups.