Australia

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    Enforcement

    Australia: Three Law Firms Join Forces for Medibank Class Action

    By Editors | 19/01/2023

    The class action seeks compensation for Medibank customers who had their personal and health data stolen by Russia-linked hackers in last year.

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    Enforcement

    New Zealand: Cigna to Pay Biggest-ever Penalty in FMA Case

    By Editors | 18/01/2023

    Cigna increased premiums and cover for customers without being clear and transparent about the basis for the increase.

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    ASIC Commissioner Steps Down Early to Join Vanguard

    By Editors | 17/01/2023

    Commissioner Sean Hughes was due to end his five-year term in December but will now stop on 3 February.

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    ACCC to Scrutinise Interest Rates Offered on Savings Accounts

    By Editors | 12/01/2023

    Treasurer Jim Chalmers fears savings rates do not fully reflect changes to the cash rate, which has recently risen for an eighth consecutive month to 3.1 percent.

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    ASIC: New Register to Specify Whether Advisers Provide Tax Advice

    By Editors | 10/01/2023

    AFS licensees are responsible for notifying ASIC by 1 February whether their financial advisers can provide tax (financial) advice services.

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    ESG / Sustainability

    Independent Review Concludes ACCU Scheme is ‘Essentially Sound’

    By Editors | 10/01/2023

    Australia’s Climate Council said the review “ignores the elephant in the room”, namely that too many major emitters are buying ACCUs so they can “continue to pollute as usual”.

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    AML / KYC

    AUSTRAC: Risk Assessments Must be Alive to Emerging Threats

    By Bradley Maclean | 08/01/2023

    Top official Brad Brown discusses AUSTRAC’s ongoing work to upgrade its reporting system and further advance Australia’s AML/CTF system.

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    ESG / Sustainability

    ASIC Fines Another Listed Energy Firm for Alleged Greenwashing

    By Editors | 05/01/2023

    ASIC says Black Mountain Energy made misleading statements in three ASX announcements regarding a natural gas development project.

    Enforcement

    ASIC Fines Super Fund Trustee Diversa for Alleged Greenwashing

    By Editors | 28/12/2022

    ASIC said the statements made by Diversa Trustees were too broad, potentially misleading consumers about its investment screens.

    Fintech / Regtech

    APRA Grants Full ADI Licence to Alex Bank

    By Editors | 26/12/2022

    The full ADI licence was granted 18 months after Alex Bank received its restricted ADI licence in July 2021.

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