Australia

13 Super Funds Fail APRA’s First Performance Test

By Sanday Chongo Kabange | 31/08/2021

If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.

Australian Govt Freezes ASIC Levy for Financial Advisers

By Editors | 31/08/2021

Treasury will  review the ASIC Industry Funding Model to ensure it remains fit for purpose amid structural changes taking place in the advice industry.

Market Infrastructure

ACCC Opens Competition Inquiry Into NAB-Citigroup Deal

By Sanday Chongo Kabange | 30/08/2021

The ACCC has asked interested parties to submit their views regarding NAB’s proposed acquisition of Citigroup’s Australian consumer banking business by 13 September.

Market Infrastructure

APRA Focuses on Resilience in Updated Corporate Plan

By Sanday Chongo Kabange | 30/08/2021

APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.

Market Infrastructure

APRA Finalises Prudential Standard on Remuneration

By Manesh Samtani | 29/08/2021

The prudential standard on remuneration will come into effect from 1 January 2023 initially for the largest and most complex ADIs.

Enforcement

ASIC Prioritises Economic Recovery in New Corporate Plan

By Ranamita Chakraborty | 26/08/2021

ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.

Enforcement

Australian Court Fines NAB Over Fee Disclosure Statements

By Sanday Chongo Kabange | 26/08/2021

NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.

APRA Releases Response Letter on Treatment of Covid Loans

By Sanday Chongo Kabange | 26/08/2021

APRA is extending the time period for temporary adjustments to APS 220 so that loans granted repayment deferrals from 8 July until 30 September are covered.

Enforcement

Westpac Subsidiaries Fined for Breaching Best Interests Duty

By Sanday Chongo Kabange | 26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.