Australia

    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.

    Market Infrastructure

    NZ Privacy Commissioner Issued Compliance Notice to RBNZ

    By Editors | 16/09/2021

    The compliance notice was triggered by the cyber-attack suffered by the RBNZ in December 2020, and confirms the work underway to make its systems more secure.

    Enforcement

    CBA Faces Criminal Charges Over Consumer Credit Insurance Sales

    By Editors | 16/09/2021

    Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.

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