AUSTRALIA

    ASIC Asks Superannuation Trustees to Improve Member Communications

    By Editors | 14/02/2020

    ASIC’s review of communications material from 12 superannuation funds found that some trustees are not always sufficiently focused on their members’ needs.

    Fintech / Regtech

    ASX is Transforming Entire Technology Stack, says CEO

    By Editors | 14/02/2020

    Managing director and CEO Dominic Stevens said ASX’s strategy is not just about replacing CHESS or upgrading the futures trading system; the bourse is transforming its entire technology stack.

    Fintech / Regtech

    Bill Passes to Enhance ASIC’s Fintech Regulatory Sandbox

    By Editors | 12/02/2020

    Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.

    Enforcement

    Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

    By Editors | 12/02/2020

    NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

    Enforcement

    RBNZ Launches Streamlined External Whistleblowing Policy

    By Editors | 11/02/2020

    “Whistleblowing is a critical avenue for those wanting to shine a light on wrongdoing within regulated entities,” said RBNZ head of supervision Andy Wood.

    Enforcement

    Australia Passes Bills to Enhance Consumer Protections, Strengthen ASIC

    By Editors | 10/02/2020

    The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.

    Market Infrastructure

    RBA Considers Mandating ‘Least Cost Routing’ – Reports

    By Editors | 07/02/2020

    Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.

    Enforcement

    Banks Against Penalties Proposed in New Accountability Regime

    By Editors | 07/02/2020

    Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.

    Enforcement

    AMP Ordered to Pay A$5m Penalty for Insurance Churn

    By Editors | 06/02/2020

    A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

    Fintech / Regtech

    ACCC Publishes Final Data Sharing Rules for Open Banking

    By Editors | 06/02/2020

    The Consumer Data Right Rules give legislative force to consumer requests for banks to share their data with accredited data recipients.

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