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Big Picture
BEAR Has Brought Desired Culture Changes at Banks: Research
By Ranamita Chakraborty | 18/02/2021
New research from Macquarie University has found that the BEAR has changed behaviour and culture at banks for the better.
Market Infrastructure
ASX Proposes Changes to Netting, Settlement Workflows
By Editors | 18/02/2021
The proposed changes will allow the CHESS replacement system to be scaled to much higher volume levels than previously envisaged, ASX said.
Enforcement
ASIC Seeks Penalties from CBA for Overcharged Interest
By Editors | 17/02/2021
Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.
Australia: Licencing Regime for Debt Management Firms Wins Support
By Editors | 17/02/2021
The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.
Enforcement
ASIC Issues Update on Advice Compensation Paid by Banks
By Editors | 16/02/2021
Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
Big Picture
Australia Super Industry Calls for Better Cybersecurity Standards
By Ranamita Chakraborty | 16/02/2021
The industry is overwhelmingly in favour of introducing baseline cybersecurity standards and improving the regulatory framework to address industry-specific risks.
ESG / Sustainability
Superannuation Funds to Face Greater Scrutiny in 2021: APRA
By Ranamita Chakraborty | 15/02/2021
To improve member outcomes, APRA will focus on strengthening its prudential framework, sharpening supervision, improving data and enhancing transparency.
Market Infrastructure
CPA Australia Calls for Reforms to ASIC Funding Model
By Editors | 15/02/2021
The accounting body has asked the government to consider the adoption of a partial cost-recovery model for ASIC to ease the burden on the financial industry.
AML / KYC
AFP Charges Australian Man in Money Mule Recruitment Case
By Editors | 15/02/2021
The man is accused of recruiting individuals to unwittingly serve as money mules to launder the proceeds of crime in return for a commission.
Enforcement
ASIC Outlines Approach to Regulating Superannuation Trustees
By Editors | 14/02/2021
ASIC’s Jane Eccleston says trustees of non-public offer funds need to apply for an AFS licence or vary their existing licences by 30 April 2021.
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