Australia

Crypto / Digital Assets

AFCA Compels NAB to Repay Scammed Customers – Report

By Editors | 10/02/2021

The bank had to repay over A$200,000 to an elderly couple after it was unable to produce records showing it had warned them about a cryptocurrency scam.

Capital / Liquidity

RBNZ to Reintroduce LVR Restrictions to Contain Risk

By Editors | 10/02/2021

Deputy governor Geoff Bascand says the financial stability risks now exceed those foreseen at the time of the RBNZ’s consultation in December.

Market Infrastructure

Australia Passes Mandatory Comprehensive Credit Reporting Bill

By Editors | 07/02/2021

Banks will have to report expanded information about the credit history of their customers to credit agencies, paving the way for more competition in the lending market.

Enforcement

ASIC to Consider Enforcement Action for Climate Risk Disclosure Failures

By Ranamita Chakraborty | 07/02/2021

ASIC says the law requires climate risk to be included in OFR disclosures, particularly when it is a material risk that could affect financial performance.

Big Picture

Australian Financial System Remains Fundamentally Sound: APRA

By Editors | 07/02/2021

APRA chair Wayne Byres says the banking, insurance and superannuation sectors were able to act as shock absorbers for the rest of the economy amid the Covid-19 pandemic.

RBA Unexpectedly Announces Extension of QE Programme

By Editors | 03/02/2021

The RBA’s first-ever quantitative easing programme was due to expire in mid-April. It will now be extended until at least October.

Fintech / Regtech

NAB Announces Plans to Acquire Australian Neobank 86 400

By Editors | 02/02/2021

NAB commenced discussions about a total acquisition of 86 400 in late 2020, having already owned an 18.3 percent stake in the neobank.

APRA Releases Policy, Supervision Priorities for 2021

By Editors | 01/02/2021

Priorities include updates to the prudential standards on remuneration, resolution and recovery planning, operational risk, governance and risk management.

ASIC Governance Review Clears Chairman of Wrongdoing

By Editors | 01/02/2021

James Shipton has temporarily returned to his role as chair, but will step down in the coming months. Treasury will search for a new chairperson.