Australia

Big Picture

Australia Funds Industry Prone to Conflicts of Interest

By Editors | 26/09/2021

A “long, complex value chain” of intermediaries between fund managers and retail investors raises the potential for conflicts of interest.

ASIC Publishes Final Guidance on Anti Hawking Regime

By Ranamita Chakraborty | 24/09/2021

The guidance emphasises the need for firms to maintain records of consumers giving consent to be sold financial products as a way to demonstrate compliance.

NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance

By Editors | 24/09/2021

Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.

ASIC Stresses Record-Keeping Obligation for New DDO Regime

By Ranamita Chakraborty | 24/09/2021

ASIC says it may request records from advice licensees and financial advisers to monitor compliance with the new design and distribution obligations.

Enforcement

ASIC Warns of Social Media ‘Pump and Dump’ Campaigns

By Editors | 23/09/2021

ASIC calls on market participants and listed companies to be on the lookout for and report suspected ‘pump and dump’ activity in listed securities.

Capital / Liquidity

RBNZ Tightens Mortgage Lending Restrictions to Contain Risk

By Editors | 23/09/2021

The LVR restrictions are aimed at mitigating economic and financial stability risks associated with a potential future housing market correction.

APRA Clarifies Position on Standards for Insurance in Superannuation

By Ranamita Chakraborty | 22/09/2021

APRA will not proceed with a proposed requirement for independent certification of priority and privilege arrangements to avoid “unintended consequences”.

Fintech / Regtech

ACCC Approves NAB as Accredited Data Recipient Under CDR

By Editors | 21/09/2021

NAB is Australia’s second big four bank to become an accredited data recipient under the CDR regime, which underpins open banking.

Enforcement

ACCC Launches Formal Investigation into Apple Pay

By Editors | 17/09/2021

Cards held in a third-party wallet such as a bank app can pay in-store only if they are routed through Apple Pay for a cost.