Australia

Data Privacy

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.

Supervision & 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.

Conduct, Culture & Accountability

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Climate Risk

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”.

Anti-Money Laundering

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.

Reporting & Disclosures

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.

Reporting & Disclosures

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.