Australia

FMA Finalises Guidance on Advertising of Financial Products

By Sanday Chongo Kabange | 17/10/2021

The FMA will take action against false, misleading, deceptive or confusing advertising, depending on the severity and level of misconduct.

Market Infrastructure

APRA Concludes Pilot Risk Culture Survey With 10 Insurers

By Editors | 15/10/2021

Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.

Enforcement

RBNZ Consults on Approach to Enforcement Decision-making

By Editors | 14/10/2021

A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.

ASIC Calls for Review of Non-compliant Whistleblower Policies

By Editors | 13/10/2021

Some policies inaccurately refer to obsolete requirements for whistleblowers to identify themselves or make disclosures in good faith or without malice to qualify for protection.

Enforcement

New Zealand FMA Censures Derivatives Issuer FIRMA NZ

By Editors | 11/10/2021

Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.

Australia: Industry Bodies Call for Expansion of CSLR

By Editors | 11/10/2021

15 organisations call for the compensation scheme of last resort to include product providers, managed investment schemes and the funeral expenses industry.

Fintech / Regtech

ACCC Accredits Westpac as Data Recipient Under CDR

By Editors | 11/10/2021

ADRs are allowed to receive information from other data holders and offer products and services under the consumer data right regime.

Market Infrastructure

New Zealand Becomes Third in APAC to Raise Rates

By Editors | 08/10/2021

The RBNZ increased its official cash rate for the first time in seven years to contain inflationary pressures and cool the housing market.

AML / KYC

New Zealand Consults on Broad Changes to AML/CFT Act

By Manesh Samtani | 07/10/2021

Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.