Australia

Fintech / Regtech

Australia Open Banking Regime Reaches New Milestone

By Editors | 07/11/2021

Major banks can enable data sharing for corporate customers and business partnerships. Non-major banks face enforcement action for non-compliance with their data sharing obligations.

Australia Tables Final Tranche of Royal Commission-related Bills

By Editors | 06/11/2021

Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.

Crypto / Digital Assets

CBA to Become First Major Aussie Bank to Offer Crypto Trading

By Sanday Chongo Kabange | 05/11/2021

CBA will offer customers the ability to buy, sell and hold crypto assets directly through its ‘CommBank’ app, which is currently used by close to six million customers.

APRA Finds Underperformance Among Choice Super Products

By Sanday Chongo Kabange | 04/11/2021

APRA plans to release its first Choice Product Heatmap in late 2021, following from its launch of the MySuper Product Heatmap in December 2019.

ASIC Finds Conflict Management Failures at Super Funds

By Ranamita Chakraborty | 03/11/2021

ASIC identified a “clear failure” to identify investment switching by directors and executives of superannuation trustees as a source of potential conflict.

ABA Rolls Out New Guidance on Providing Hardship Assistance

By Editors | 02/11/2021

Some banks, such as Westpac, have already begun to implement practices within the guideline. Others will roll out the practices over the next 12 months.

Enforcement

CBA Pleads Guilty to Mis-Selling Consumer Credit Insurance

By Editors | 01/11/2021

Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.

Market Infrastructure

New Zealand Introduces Bill on Retail Payments Regulation

By Editors | 01/11/2021

The regime will cap interchange fees on designated payment networks, starting with Mastercard and Visa’s credit and debit card networks.

APRA Finalises Expectations on Negative Rate Preparedness

By Editors | 31/10/2021

ADIs have until 31 July 2022 to develop tactical solutions to implement zero and negative market interest rates and cash rate.