Australia

Enforcement

ASIC Launches Legal Action Against CBA for Overcharging Customers

By Editors | 06/04/2021

ASIC says CBA incorrectly charged monthly access fees to customers who were entitled to fee waivers between June 2010 and September 2019.

ABA Updates Guidelines on Preventing Elder Abuse

By Ranamita Chakraborty | 06/04/2021

The ABA is calling on governments across Australia to establish consistent power of attorney laws across the country and a national POA register.

New Zealand Ends Loan Repayment Deferral Scheme

By Editors | 05/04/2021

Banks are continuing to work with borrowers who still need help to get back on track, says NZBA chief executive Roger Beaumont.

Enforcement

ASIC Bans Sale of Binary Options to Retail Clients

By Editors | 05/04/2021

The binary options ban will take effect from 3 May. A separate order imposing conditions on the issue and distribution of CFDs to retail clients has taken effect on 29 March.

AML / KYC

Australia Lags Regional Peers on DNFBP Regulation: Report

By Manesh Samtani | 03/04/2021

Australia is sending a message to financial criminals around the world that its lawyers, accountants and property market are open for business.

Capital / Liquidity

APRA Raises Macquarie’s Capital, Liquidity Requirements

By Editors | 02/04/2021

Macquarie is said to have incorrectly treated specific intra-group funding arrangements for the purposes of calculating capital and related entity exposure metrics.

Securities / Derivatives

ASX Finalises, Defers Listing Rule Changes to June

By Editors | 01/04/2021

The listing rule changes deal with online forms, notification of security issues and corporate action timetables.

Fintech / Regtech

ACCC Gives NAB Green Light to Acquire Neobank 86400

By Ranamita Chakraborty | 01/04/2021

The ACCC’s decision is based on an assessment that the NAB acquisition is “unlikely to substantially lessen competition” in the market.

Capital / Liquidity

RBNZ Eases Restrictions on Bank Dividend Payouts

By Editors | 31/03/2021

The 50% dividend restriction will remain in place until 1 July 2022, at which point the RBNZ will seek to normalise the dividend settings.