Enforcement

“The sanctions send a strong and clear message to the market that we will not hesitate to hold errant sponsors accountable for their misconduct,” said SFC chief Ashley Alder.

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

In light of the OFSI's recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

The case goes back to the 2009 listing of a Chinese timber company, which was later suspended for accounting irregularities. Details of the settlement will be released at a later date.

The number of banks fined by the RBI for failing to integrate their core banking systems with SWIFT has now risen to 36, with fines totaling $10.16mn.

Australia's four months old 'one stop shop' for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.

Under the new approach, the FSS will be able to launch investigations without having to first report to the FSC and request warrants to search and seize evidence.

The penalties follow directions issued by the RBI in February 2018 requiring banks to link their core banking systems with the SWIFT network.

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.