Australia

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.

AML / KYC

AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices

By Editors | 31/10/2021

De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

APRA Directs Super Funds to Improve Operations

By Ranamita Chakraborty | 29/10/2021

APRA has concluded three thematic reviews into core operational areas for super funds. Trustees are asked to draw from the findings to improve their operations.

Crypto / Digital Assets

ASIC Issues Guidance on Crypto-asset Investment Products

By Editors | 29/10/2021

ASIC says it has introduced a new ‘crypto-asset’ category in the licensing application for responsible entities.