Australia

Capital / Liquidity

RBNZ to Progress Changes to Connected Exposures Policy

By Editors | 26/01/2023

The RBNZ intends to progress with proposals made in its November 2021 consultation, with some amendments following stakeholder feedback.

Enforcement

APRA Imposes Licence Conditions on Super Fund Trustee

By Editors | 25/01/2023

In APRA’s 2022 ‘MySuper Heatmap’, only one other super fund trustee charged more in administration fees than Diversa Trustees’ product.

Securities / Derivatives

NZ FMA Publishes First Risk Assessment of Fund Management Sector

By Editors | 23/01/2023

Risk management practices and controls used by fund managers reduce overall risk but “pockets of relatively higher risk” still exist.

Crypto / Digital Assets

NAB to Launch AUD Stablecoin Around Mid Year

By Manesh Samtani | 20/01/2023

NAB plans allow clients to use the stablecoin for repo transactions, cross-border remittances, and carbon credits trading.

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.

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.

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.

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.

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.