Australian Securities and Investments Commission chairman Greg Medcraft dismisses concerns that large asset managers pose a systematic risk to the financial system.
ANZ Bank and Westpac have joined Commonwealth Bank in testing new payments technology from US-based group Ripple Labs, representing a possible transformation of the payments industry.
Banks and industry super funds will face tougher penalties for luring clients into default superannuation funds with incentives.
New Zealand and Myanmar will be members of the Asian Infrastructure Investment Bank, slated to begin operations later this year.
Investment consultancy firm Mercer has published a report recommending that superannuation fund boards in Australia be required to appoint a greater proportion of independent directors.
Financial regulators are expected to investigate the record gap between the Reserve Bank of Australia (RBA) official interest rate and credit card rates.
In an effort to protect investors and boost consumer confidence, ASIC is pushing to create a register which would list stockbrokers’ disciplinary records.
APRA chairman said banks must lift their efforts to ensure remuneration plans encourage ethical behaviour.
The Reserve Bank of Australia has reported that its measures to cool investment lending in housing seem to be working.