ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.
NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.
Developed by the World Bank, a A$100 million kangaroo bond, issued and distributed through blockchain, will open to investors later this month in Washington and Sydney.
Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.
Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.
CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.
HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.
Australia’s prudential regulator says its current data collection system requires a significant overhaul to match current flows of digitised data and regulatory requirements, plans to release tender for new solution by end of month and implement new system by end...
ASIC review concludes that the ETP market is performing well in general, however, some concerns were raised on spread management and market maker concentration.
The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.