Australia

Conduct, Culture & Accountability

ASIC Consults on Deferred Sales Model for Add-on Insurance

By Ranamita Chakraborty | 13/03/2021

From 5 October, the deferred sales model will introduce a four-day pause between the sale of a principal product or service and the sale of add-on insurance.

Conduct, Culture & Accountability

NZ Court Fines ANZ Over Credit Card Repayment Insurance

By Editors | 13/03/2021

The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.

Credit Risk

Australia Announces Expansion of SME Loan Guarantee Scheme

By Editors | 11/03/2021

The government will guarantee up to 80 percent of the loans under the scheme, while also increasing the loan limit and allowing larger businesses to also benefit.

Payments & Settlements

ACCC Accepts Visa Commitment to Address Competition Concerns

By Editors | 11/03/2021

Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.

Cloud & Infrastructure

APRA to Adopt New Consultation Approach to Data Collection

By Manesh Samtani | 11/03/2021

APRA plans a consultation process that will allow it to design its data collections in a way that will minimise friction and reduce the regulatory burden of regulated entities.

Emerging Prudential Risks

APRA Demands Sustainable Insurance in Superannuation

By Ranamita Chakraborty | 11/03/2021

APRA is concerned about premium volatility, the availability and provision of data, and tender practices used by insurers to win business.

Operational Risk

APRA Accepts Court Enforceable Undertaking from Allianz

By Editors | 11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Liquidity Risk

RBNZ Removes Liquidity Facilities Amid Improving Market Conditions

By Editors | 10/03/2021

Financial market conditions have “improved significantly” since the Term Auction Facility and the Corporate Open Market Operation were introduced.

Conduct, Culture & Accountability

Australian Court Penalises Dover Financial Advisers for Misconduct

By Editors | 09/03/2021

The penalty is part of the fallout from a 2019 federal court judgment that Dover Financial Advisers engaged in “false, misleading or deceptive conduct”.